The Daily Gazette reports that Lamar has sued Schenectady County, New York for $50,000 in compensation after the county terminated a billboard lease as part of a road widening project. The County offered Lamar $25,000 for the billboard when it purchased the property. Lamar countered at $82,638 and asked for the county to pay the costs of the relocation of the billboard. The County then notified Lamar it was terminating the billboard lease under a 30 day notice clause.
Insider’s take: The case will hinge on the terms of the lease. If it’s a good long term lease and Lamar has been in compliance, the county will be on the hook for damages. The article mentions that the lease was originally written with a railroad. Insider hates railroad leases because many railroad leases have a 3o day termination clause. If the lease gives either party the option to terminate on 30 day notice then Lamar will have a hard time prevailing.