Texas Government Code 2165.203 – Lease; Fair Market Value
Current as of: 2024 | Check for updates
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Terms Used In Texas Government Code 2165.203
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- 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
In a state-owned building that is under the commission’s control and that is used primarily for office space or vehicle parking for state government, the commission may lease at fair market value space to private tenants for commercial, cultural, educational, or recreational activities.