Posted Sep 5, 2020, 7:07 PM
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May the Schwartz be w/ U!
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Join Date: Sep 2013
Location: Nomadic
Posts: 1,735
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Quote:
Originally Posted by H2O
The land is still owned by Travis County, but Lincoln has a ground lease on it. Lincoln is paying a pretty penny for the ground lease over time, so it is in their interest to move forward and earn income on their investment. However, I don't know all the details of the lease. IIRC, the lease rate is fairly nominal initially with steep escalators in following years. There may also be triggers - Lincoln may not have much in the way of lease expense until it is fully permitted or issued a certificate of occupancy. On the other side, there may be a cancellation clause if they do not make progress by a certain date, allowing Travis County to regain control of the property.
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Ah. Awesome. Thanks for the information, H2O.
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