This website will be unavailable from Thursday, May 30, 2024 at 6:00 p.m. through Monday, June 3, 2024 at 7:00 a.m. due to data center maintenance.
By: Ellis S.B. No. 1895
(In the Senate - Filed April 2, 2003; April 7, 2003, read
first time and referred to Committee on Intergovernmental
Relations; April 24, 2003, reported favorably by the following
vote: Yeas 4, Nays 0; April 24, 2003, sent to printer.)
A BILL TO BE ENTITLED
AN ACT
relating to the duration of a lease for municipal civic center
property.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 1504.012, Government Code, is amended to
read as follows:
Sec. 1504.012. TERM OF CERTAIN LEASES. In a municipality
with a population of 1.9 [1.5] 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.
SECTION 2. This Act takes effect immediately if it receives
a vote of two-thirds of all the members elected to each house, as
provided by Section 39, Article III, Texas Constitution. If this
Act does not receive the vote necessary for immediate effect, this
Act takes effect September 1, 2003.
* * * * *