Hey Doug - LPFM stations are actually given a discounted rate for licensing costs, so we're looking at a much lower cost than for other stations. Here's a guide from the National Federation of Community Broadcasters:
http://www.nfcb.org/projects/lpfm/Broadc…
I think this is from 2007, so the rates are definitely higher, but you're overall looking at 4-digits, total, which is definitely doable for any organization that's serious about this.
Soooo excited about Debacle! Gonna delve into some auditory muck TONIGHT.