Kentucky Statutes 56.8175 – Built-to-suit involving construction on private property — Option to purchase
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When a built-to-suit lease is awarded to a firm that owns the land upon which the building shall be built, the Commonwealth shall be granted an option to purchase the leased buildings, land, and any appurtenant facilities. The option price to be paid shall not exceed its fair market value as of the time the option is exercised as determined by a competent and qualified real estate appraiser, selected by mutual agreement of the parties, employing the reproduction cost new or other accepted appraisal techniques; provided, however, that in no event shall the option price be less than a sum equal to the remaining balance of any mortgage lien encumbering the property and securing the repayment of moneys advanced to the owner for the original construction of the building, plus an amount not to exceed ten percent (10%) of such mortgage balance.
Effective: July 14, 1992
History: Created 1992 Ky. Acts ch. 54, sec. 8, effective July 14, 1992.
Effective: July 14, 1992
Terms Used In Kentucky Statutes 56.8175
- Appraisal: A determination of property value.
- Building: includes any structure or improvement upon real estate of a permanent nature and additionally includes any sites, structures, equipment, machinery, or devices for the purpose of establishing, developing, or furthering television or related services in aid of education or in aid of any other proper public functions, whether or not the same would otherwise be legally defined as buildings. See Kentucky Statutes 56.440
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- 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
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Owner: when applied to any animal, means any person having a property interest in such animal. See Kentucky Statutes 446.010
- Real estate: includes lands together with improvements thereon and appurtenances thereto. See Kentucky Statutes 56.440
History: Created 1992 Ky. Acts ch. 54, sec. 8, effective July 14, 1992.