Indiana Code 36-10-10-11. Lease of land and buildings by city from authority; term; lease before acquisition and construction
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Sec. 11. (a) A city may lease land and buildings from the authority for civic purposes. A contract of lease on a particular building may not be entered into for a period of more than forty (40) years, but the lease may be renewable for a similar or shorter period of time.
(b) A city may, in anticipation of the construction and erection of a convention center, including the necessary equipment and appurtenances, make and enter into a lease with the authority prior to the actual acquisition of a site and the construction and erection of the convention center. A lease may not provide for the payment of any lease rental by the lessee until the convention center is ready for occupancy.
As added by Acts 1982, P.L.218, SEC.4.
Terms Used In Indiana Code 36-10-10-11
- Authority: refers to a civic center building authority created under this chapter. See Indiana Code 36-10-10-2
- Contract: A legal written agreement that becomes binding when signed.
- 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