81-1222.03 Wild West Arena; sale or lease; conditions. - Nebraska Statutes

81-1222.03. Wild West Arena; sale or lease; conditions.The Department of Economic Development may: (1) Until July 1, 1991, with the written approval of the Governor, sell the property known as the Wild West Arena in Lincoln County, Nebraska; or (2) if it is in the best interest of the state, lease such property for a term not to exceed twenty years. The lease may contain an option to purchase the property at a value to be determined by the department. Proceeds of the sale or lease shall be deposited in the appropriate fund and used for the purposes set forth for the fund.The legal description of the Wild West Arena is: The north half of lot sixteen, of the subdivision of the Cody Land and Cattle Company lands, Lincoln County, Nebraska, lying north of the north right-of-way line of Drainage District Number 1, Lincoln County, Nebraska, subject to all easements, benefits and burdens of record, such tract of land being more particularly described as follows:Commencing at the northeast corner of lot sixteen, Cody Land and Cattle Company Subdivision, thence running west on the north line of lot sixteen a distance of one thousand three hundred thirty and eight-tenths feet to the northwest corner of lot sixteen, thence running south on the west line of lot sixteen a distance of one thousand three hundred and twenty feet to the southwest corner of the north one-half of lot sixteen, thence running east on the south line of the north one-half of lot sixteen a distance of one thousand three hundred thirty-two feet to the southeast corner of the north one-half of lot sixteen, thence running north on the east line of lot sixteen a distance of one thousand three hundred twenty feet to the point of beginning, containing forty and thirty-four hundredths acres, more or less. SourceLaws 1986, LB 765, § 1.