Press Release: Dudley announces the ink is drying on a nearly decade-long economic development plan to generate future revenue by leasing town-owned land off Schofield Ave.

September 1, 2023

Dudley announces the ink is drying on a nearly decade-long economic development plan to generate future revenue by leasing town-owned land off Schofield Ave.

At the board’s August 21 meeting, selectmen approved a 20-year lease agreement with Diamond Towers to install a Communications Tower on unutilized town land.

The town will receive a $100,000 initial payment. The lease terms call for $20,000 in fiscal year 2024, and a 3% percent escalation thereafter for a projected $637,408 over 20 years.

This ongoing source of revenue includes a 50% share of subleases, which are companies installing equipment on the tower.

“This is an example of patience paying off and a public/private partnership that will help fund local government from a source other than taxes,” Town Administrator Jonathan Ruda said.
 

Lease revenue, Mr. Ruda said, will be used to offset regulatory and compliance costs associated with the state Department of Environmental Protection order to mitigate well contamination at and around the
town’s capped landfill.