56.8175 Built-to-suit involving construction on private property -- Option to
purchase.
When a built-to-suit lease is awarded to a firm that owns the land upon which the <br>building shall be built, the Commonwealth shall be granted an option to purchase the <br>leased buildings, land, and any appurtenant facilities. The option price to be paid shall not <br>exceed its fair market value as of the time the option is exercised as determined by a <br>competent and qualified real estate appraiser, selected by mutual agreement of the parties, <br>employing the reproduction cost new or other accepted appraisal techniques; provided, <br>however, that in no event shall the option price be less than a sum equal to the remaining <br>balance of any mortgage lien encumbering the property and securing the repayment of <br>moneys advanced to the owner for the original construction of the building, plus an <br>amount not to exceed ten percent (10%) of such mortgage balance.
Effective: July 14, 1992 <br>History: Created 1992 Ky. Acts ch. 54, sec. 8, effective July 14, 1992.
56.8175 Built-to-suit involving construction on private property -- Option to
purchase.
When a built-to-suit lease is awarded to a firm that owns the land upon which the <br>building shall be built, the Commonwealth shall be granted an option to purchase the <br>leased buildings, land, and any appurtenant facilities. The option price to be paid shall not <br>exceed its fair market value as of the time the option is exercised as determined by a <br>competent and qualified real estate appraiser, selected by mutual agreement of the parties, <br>employing the reproduction cost new or other accepted appraisal techniques; provided, <br>however, that in no event shall the option price be less than a sum equal to the remaining <br>balance of any mortgage lien encumbering the property and securing the repayment of <br>moneys advanced to the owner for the original construction of the building, plus an <br>amount not to exceed ten percent (10%) of such mortgage balance.
Effective: July 14, 1992 <br>History: Created 1992 Ky. Acts ch. 54, sec. 8, effective July 14, 1992.
56.8175 Built-to-suit involving construction on private property -- Option to
purchase.
When a built-to-suit lease is awarded to a firm that owns the land upon which the <br>building shall be built, the Commonwealth shall be granted an option to purchase the <br>leased buildings, land, and any appurtenant facilities. The option price to be paid shall not <br>exceed its fair market value as of the time the option is exercised as determined by a <br>competent and qualified real estate appraiser, selected by mutual agreement of the parties, <br>employing the reproduction cost new or other accepted appraisal techniques; provided, <br>however, that in no event shall the option price be less than a sum equal to the remaining <br>balance of any mortgage lien encumbering the property and securing the repayment of <br>moneys advanced to the owner for the original construction of the building, plus an <br>amount not to exceed ten percent (10%) of such mortgage balance.
Effective: July 14, 1992 <br>History: Created 1992 Ky. Acts ch. 54, sec. 8, effective July 14, 1992.
