There are at least two states with a municipality called Grand Rapids, and they both start with Mi. The well-known GR is in Michigan, but the GR providing a home to KOZY-AM and KMFY-FM is located in Minnesota. And the combo is being sold.
The seller is Itasca Broadcasting Inc., headed by Cynthia Iaizzo – who per the contract will have the right to select certain memorabilia items under an excluded asset clause.
The buyer is Lamke Broadcasting Inc., jointly owned by the husband/wife team of Jim and Colleen Lamke.
The price is $1.25M. $65K will be in “certified funds” from the buyers; $185K will be in the form of a promissory note, and $1M will be in certified funds procured via bank financing, which must be at 6.1% or less and with a term of five years or longer, among other things. If the bank funding isn’t in place by closing, the deal is off.
$750K of the price is allocated to the stations’ equipment; $315K to good will; and 4185K for land and buildings.
KOZY is a Class B on 1320 kHz with 5 kW-U, DAN; and KMFY is a Class C1 on 96.9 MHz with 100 kW @ 479’.
