(a) Authority of city.--A city may lease city real estate on a long-term improvement lease, at a nominal rental fee or otherwise, to a nonprofit corporation for the purpose of providing an auditorium for a dramatic, musical, artistic, literary, scientific or patriotic society or event or for another purpose as may be approved by council.
(b) Term.--A long-term improvement lease:
(1) May not be for a term of more than 99 years.
(2) May provide for a right of renewal for a like term.
(3) Shall contain provisions for the improvement of the real estate by the lessee by the erection of a suitable building of dignified and appropriate architecture. The absolute ownership of the building shall revert to the city, free of claim or charge, at the end of the term of the lease or a renewal of the lease.
(c) Use of building.--A building erected under a long-term improvement lease may be used for a public purpose, including as an auditorium for a dramatic, musical, artistic, literary or scientific event and for the accommodation of a patriotic society or group or other accommodation and feature, as may be approved by the city.
(d) Title and local taxation.--The title to property subject to a long-term improvement lease shall remain with the city. For purposes of local taxation, the property subject to a long-term improvement lease and the leasehold estate created by the lease shall be deemed to be devoted to a public purpose and public use.
(e) Lessee.--The lessee under a long-term improvement lease shall be exclusively liable for the maintenance and upkeep of the demised premises and shall be solely responsible for the maintenance and operation of the demised premises.
(f) Lessor.--A long-term improvement lease may provide that the lessor is entitled to receive a sum equal to the net income of the demised premises after reasonable reserves and proper amortization charges.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.