It's likely that WJER-AM will stay in Dover. As OMW pointed out, you can't leave a city of license without leaving behind a full-time facility. It might be possible to move the 1450 sticks a FEW miles to the north or northeast, but there are a couple of issues that would keep that frequency on a tight leash. First, it would still have to put a "city grade" signal over Dover.... tough to do on a "graveyard" channel with only 1kw at night. I'm assuming the old site was located when they only could run 250w at night on those channels, so there might be a little wiggle room, but not much. Another issue involves co and adjacent channels. Moving 1450 north would move it closer to the 1450 facilities in Sandusky and Erie which might be an issue. Going directional is probably not an option on that freqency and would negate any coverage gained to the north anyway. Moving 1450 to the north would also likely be an issue with WHBC/1480 and WHKK/1440. I'm sure WHBC would fight a Canton move-in with every engineering argument in the book.
Now why was a reverse LMA not a smart idea? CC maintained control of the property while the application to move 101.7 crawled through the FCC. By leasing it back to the orignal owners, it gets a guaranteed cashflow which may or may not be as much as it could get by operating it itself, but without the downside and the headaches. It might, indeed, sell the property back to the original owners. It might sell to someone else. It might continue to lease it back to Petricola. It might go in an operate it itself. Options are a good thing. Sooner or later, WNPQ is going to have to be in-play. Isn't Natoli pushing 110 years old or so?? Maybe Petricola takes that money he pocked in the sale and buys back 95.9 and/or 99.9. Maybe the Tusky Valley folks buy out 1450.
Finally, I would not be concerned that you have not seen an FCC filing. The FCC site often runs behind the times. In fact, it's still showing the rulemaking to move 101.7 to N. Canton as a pending app.