Friday, Jan. 21, 2005

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Council OK’s radio tower lease

Peachtree City will get $72,000 up front for the first three years of a five-year lease of space on the city’s radio tower to Sprintcom, Inc.

In the last two years of the lease, the city will get $24,000 a year, according to the agreement, approved last week by the City Council.

It took over six months of negotiation to bring the contract to its final version, city officials noted.

The lease can be renewed every five years, with an increase of 3 percent in the annual lease price for each year thereafter.

If the company wants to break the lease, it must give at least three months notice before the lease expires, according to the contract.

If the lease lasts the full 25 years, it would add $759,000 to the city’s revenues.