Section 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.Tex. Gov't. Code § 1504.012
Amended by Acts 2003, 78th Leg., ch. 1253, Sec. 1, eff. 6/20/2003.Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. 9/1/1999.