NYC Radio: Pacifica & Empire State Building Reach Settlement

The Pacifica Foundation announced Thursday the settlement on a series of agreements that release WBAI, the organization’s New York radio station, from a court judgment as well as the last two years of its lease at the Empire State Building as of May 31, 2018.

The Foundation is also in the final stages of completing an agreement to relocate its transmission facility to a new site nearby. The agreements and move will preserve Pacifica’s service to millions of people in the New York Metro area.

The settlement, announced by the Pacifica National Board, relieves Pacifica of a $1.8 million 2017 judgment for Empire State Realty Trust (the organization that operates the Empire State Building) and against WBAI and Pacifica, additional rent and penalties accrued since the judgment was issued, and any remaining obligations that would have incurred after May 31, 2018.

Funding for the settlement was provided through a loan from the non-profit lender FJC, which includes a reserve amount that frees Pacifica from making payments for the first eighteen months of the loan and interest payments only for the following 18 months before the loan matures after three years.

The pending agreement for the new transmission site at 4 Times Square will include purchase and installation of a new transmitter, which will replace WBAI’s current obsolete and failing 28-year-old unit. Capitalization for the transmitter will be provided by the new landlord, with the cost amortized over the life of the agreement.