Section 9-14D-3 Lease terms; competitive bidding. - Alabama Statutes

Section 9-14D-3

Lease terms; competitive bidding.

Any lease of the property described in Section 9-14D-2 shall be for a term of not less than 30 years and not exceeding 70 years. Any lease payments to the state shall be based upon an amount certain for the land lease, a percentage of the gross receipts of the facility constructed on the leased property, or a combination of both. Any lease of the property described in Section 9-14D-2 shall be granted to the bidder that would provide the highest amount of money to the state and that meets minimum financial strength standards as determined and set by the Joint Legislative Committee on State Parks prior to any bid being advertised or offered in the public domain for response.

(Act 2009-466, §3.)