It’s an unbuilt FM radio station licensed to a municipality right on the Pennsylvania/New York state line, with Lake Erie to its west.
Who’ll get to construct it? Not the company that had the winning bid in Auction 109 to put the facility on the air. That task, pending FCC approval, will go to growing broadcast ministry Family Life.
The future WRRI-FM 100.9 in North East Township, Pa., with a Class B1 construction permit in hand, is going to Family Life Ministries in a transaction valued at $835,500.
WRRI will have full coverage of Erie, Pa., once built.
The seller is Erie Radio Company, led by Rick Rambaldo.
Terms call for a single $535,500 wire transfer at closing. The remaining funds will be honored in a Promissory Note of $300,000, with payments of $5,000 made each month for 60 consecutive months.
As part of the deal, Family Life will also agree to take on responsibility for the required reimbursement to the U.S. Treasury of any amount of Erie Radio Company’s Permit building credit, and any other payments or penalties that may arise.
The permit was originally purchased by Rambaldo’s group in 2015 and secured on January 28, 2022.
A $53,550 deposit will be made and held with Allen Mullen, Esq.
