(a) Title to the historic property Woodlawn, also commonly known as Pease Mansion and Shivers Mansion, located at No. 6 Niles Road in Austin, is in the name of the board. The board may:
(1) preserve, maintain, restore, and furnish the building;
(2) preserve, maintain, and restore its contents and grounds; and
(3) otherwise provide for use of the building and grounds.
(b) The board may set and collect a fee for the use of Woodlawn for special activities. The board shall deposit money received under this subsection to the credit of the Capitol fund.

Terms Used In Texas Government Code 443.025

  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • 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.
  • Property: means real and personal property. See Texas Government Code 311.005

(c) The board, after consulting with the Texas Historical Commission and with the approval of the Legislative Budget Board, may sell Woodlawn at its fair market value. The General Land Office shall transact the sale on behalf of the board using procedures under § 31.158(c), Natural Resources Code. Proceeds from the transaction:
(1) shall be deposited in the Capitol renewal account or its successor in function under Section 443.0103; and
(2) may be spent only for a purpose described by § 443.0103.
(d) In selling Woodlawn under Subsection (c), the board shall add to the deed of Woodlawn a provision that requires the purchaser to use the property in a manner that preserves the historical character of Woodlawn, including its buildings, facades, interior, and grounds.

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