JAY — Selectpersons on Monday will discuss a buyout offer of a lease from SBA Communications Corp. for its communication tower on the town recreation land off Water Tower Lane.

The Board of Selectpersons meeting is at 6 p.m. at the Town Office.

SBA’s buyout offer is for $141,000 for a perpetual easement or a 99-year term easement for the communications tower, Town Manager Shiloh LaFreniere said Friday.

The board entered into a lease agreement in 2001 with the company headquartered in Florida. The total agreement is for 55 years. It is done in five-year increments and automatically renews every five years unless one party decides to opt out, she said.

The town puts the proceeds from the lease into a recreational reserve account to be used for recreational purposes. There is about $155,000 in the account, she said.

The town has used the money in the past to pay annually for the town’s share of the Area Youth Sports liability insurance and other related recreation expenses.

Selectpersons have unofficially declined to accept a buyout offer in the past.

SBA pays the town $793.50 a month for the lease, plus an additional $100 a month for an additional carrier, LaFreniere said.

The lease is set increase to $912.53 a month in July 2016, plus the additional $100 a month for an additional carrier, she said.

Among the other items on Monday’s agenda is setting up a special town meeting for June 23 to amend the town’s administrative ordinance to include a section on annual interest to be paid for abatements.

NOTE: The story has been modified to reflect that SBA Communications Corp. pays the town $793.50 a month for the lease, plus an additional $100 a month for an additional carrier. It was incorrectly reported by the Sun Journal.

dperry@sunjournal.com