Texas Local Government Code 263.106 – Sale
(a) The commissioners court of a county may sell land owned by the county and the air rights above the land to an individual or a private corporation or association if:
(1) all existing revenue bond obligations encumbering the land have been fully discharged as to bondholders;
(2) a hotel has been built on the land in conjunction with an existing convention center and the hotel has been operated continuously for at least five years from its inception;
(3) the parties to an existing lease of land mutually agree to the sale of the land and the air rights; and
(4) the county receives an amount for the land and air rights that is fair under the market conditions existing at the time of the sale.
(b) The commissioners court may impose deed restrictions or reverters to preserve the use of the land for a purpose consistent with the construction, expansion, ownership, and operation of a hotel and related facilities in conjunction with a convention center.
Terms Used In Texas Local Government Code 263.106
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- 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
(c) A sale of land under this subchapter may include land appurtenant to the land on which the hotel or related facilities have been built.