Texas Human Resources Code 246.008 – Lease of Land
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(a) The department may lease land owned by the department to a private business to expand and develop the industries program.
(b) The term of the lease may not exceed 20 years.
Terms Used In Texas Human Resources Code 246.008
- 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
(c) The business must lease the land at fair market value.
(d) The business may construct a new facility on the land or convert an existing facility.