(a) The Texas School for the Blind and Visually Impaired may lease available real property on the school’s campus located at 1100 West 45th Street, Austin, Travis County, to a private, nonprofit corporation that provides print-handicapped persons with auditory materials. The lease must provide that the corporation must use the property for those services.
(b) In determining the fair market consideration for the lease, actual benefits to be received by the school, the school’s students, and the blind and visually impaired community in the state may be considered.

Terms Used In Texas Education Code 30.027

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • 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
  • Property: means real and personal property. See Texas Government Code 311.005
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.

(c) The asset management division of the General Land Office shall negotiate the terms of the lease, determine the most suitable location for the lease, and close the transaction on behalf of the school as provided by Subchapter E, Chapter 31, Natural Resources Code. The asset management division is not required to transact the lease by sealed bid or public auction.
(d) Proceeds from the real estate transaction conducted under this section shall be deposited to the credit of the general revenue fund.

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