Texas Government Code 1504.012 – Term of Certain Leases
Terms Used In Texas Government Code 1504.012
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Population: means the population shown by the most recent federal decennial census. See Texas Government Code 311.005
- Property: means real and personal property. See Texas Government Code 311.005
In a municipality with a population of one million or more, a lease entered into under § 1504.001 may have a term not to exceed 60 years if:
(1) the lessee proposes to invest more than $20 million:
(A) to renovate or redevelop an existing civic center building and facilities that are used in connection with and are located at or in the immediate vicinity of that building; or
(B) to develop a new building or facilities on land administered, operated, or used as a civic center property; and
(2) the governing body of the municipality finds that:
(A) the renovated or redeveloped building and facilities or the new building or facilities will generate additional revenue for the municipality; and
(B) a term that exceeds 30 years is necessary to enable the lessee to recoup its investment or to obtain financing for the project.