Good comment. I called the state today. The person I need to speak with is on vacation for the week so I can only speculate.
I think you might be correct; the physical board and the permit can't exist if one goes away. Though, perhaps I can go for competitive bid on lease renewal from the other companies that have billboard permits in this state. If new physical boards cannot be erected, then the physical board has value.
Meanwhile, I'll check with the locals.
I am hopeful being the owner of the physical board, I would automatically be eligible for the permits to display advertising. I want to upgrade to Digital so I can display my messages in between the paid ads.
While we wait... What's a good ROI on billboards?