Sec. 1504.012. TERM OF CERTAIN LEASES. In a municipality with a population of one million or more, a lease entered into under Section 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.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999. Amended by Acts 2003, 78th Leg., ch. 1253, Sec. 1, eff. June 20, 2003.
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