The town of Stony Point, New York has decided to sell its cell tower leased for approximately $2.2 million. The town had been approached by cell phone companies in the past but the offers were too low to consider. However, recently one company offered around $1.1 million for two towers in Stony Point.
Stony Point is also in the process of receiving $1.5 million from Global Tower Properties by selling a 38-year lease for the tower at the police station. Stony Point earned about $100,000 a year by renting the cell tower at the police station. An additional $50,000 a year came in by renting the tower at the golf course.
Stony Point Supervisor, Geoffrey Finn, believes that his was the right move for the town of Stony Point. Cell phone technology is always changing and this was a high enough offer for the town to take.
“We don’t know where we’re going to be in 15 years when it comes to cell-tower use,” Finn said. “We have done our research, and we feel that receiving the money up front, $2.3 million, is worth it now to help our taxpayers. We’re in the economy where people need our help, and that’s why we decided to do this in one lump sum.” (Source: lohud.com)