ARTICLE HIGHLIGHTS
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Situated in Renton, WA, the monopole stood tall within a suburban area on municipal property. Symphony Wireless’ Acquisitions Advisor recognized the potential in this location and aimed to navigate the complexities of securing the best pricing and terms for the acquisition. To streamline the process, Symphony pulled from previous experience closing deals with Municipalities to make sure the city got everything it needed out of a deal.
Navigating Municipal Procedures: Symphony’s Playbook
One of the key challenges in acquiring telecom infrastructure on municipal property lies in navigating the bureaucratic procedures and ensuring alignment with local regulations. Symphony’s advisor, leveraging her expertise, took charge of this aspect of the deal. Her understanding of municipal processes ensured a smooth and compliant transaction, minimizing potential hurdles that could arise from the unique nature of the property.
The Symphony Team has worked on many of these deals in the past, so much so they built a playbook on the matter of closing these types of deals focusing on three key things:
- Outlining all necessary approvals throughout the municipality & lining up meetings and proposals to get everything aligned.
- Connecting the City Attorney with Symphony’s in- house counsel from the beginning of the deal to ensure proper communication and an effective closing process.
- Making sure the decision-makers in the city are fully educated and aligned on the process of selling the asset.
“Without Symphony’s experience and playbook to get deals like this to happen, this would have taken us months to figure out even where to get started. Symphony promised to make things simple, and they followed through.” – Jack, City Attorney
Closing the Deal: Educated & Experienced Partners
Symphony employs a full legal team to make sure closings of all kinds can happen efficiently. In this case, Symphony had a playbook for closing deals in cities. Continuing the above points, Symphony was able to produce educational documents for all parties involved in the selling of the assets and prepare a formal presentation for the board of the town to make a final decision.
The town wanted to negotiate, which is common and encouraged by site owners, and Symphony was ready to make this deal a valuable partnership for both parties involved.
Collaborative Success: Benefits for All Parties
The Town’s goals were simple, to bring long and short-term value by selling cellular assets rights and current leases. Symphony’s team outlined a deal that did not impact the land the site sat on, paid top dollar for the cell site in the short term, and split upside with the town as Symphony seeks to add tenants to the monopole.
This laid the groundwork for future deals with the town, and they sought to fuel future projects with this type of partnership.
Symphony Wireless’ partner secured a valuable asset at optimal terms, the municipality achieved its goals per regulations, and American Tower saw a seamless transition of ownership. This holistic approach to collaboration highlights Symphony’s commitment to creating mutually beneficial outcomes for all stakeholders.
DISCLAIMER
The foregoing case study has been fictionalized in certain respects to protect the identities of the parties. Past performance is not indicative of future results. Symphony Wireless does not provide tax, accounting of estate planning advice. Interested parties are encouraged to consult your own legal and tax advisors.
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