The City of Monmouth has reached a settlement with a company to lease a tract of land next to the town’s South water tower.
The City will receive a lump sum of $291,000 which will be received as a one-time payment. The land currently holds an 80-foot monopole tower and a warning siren.
Monmouth Mayor Rod Davies gives us details about why the deal was reached.
“With all of the changing technology, we felt that, after doing some research and talking with consultants, we thought that taking the payout for 15-and-a-half years would be better rather than gambling whether that pole would still be needed 48 years from now.
So, we can get the money up front and invest it in another project that’s much needed but yet to be determined, but we have a lot of places we can put $291,000.”
The City of Monmouth had been approached by multiple companies about the land for the last two years.
