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NC S906
Bill
AI Summary
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Increases the maximum lease term for city property from 10 years to 40 years under G.S. 160A-272(a), allowing towns to lease property without treating it as a sale.
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Applies exclusively to the Town of Nags Head for leasing property to operate a licensed nursing home under Chapter 131E of the General Statutes.
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Leases exceeding 40 years continue to be treated as sales of property requiring standard real property sale procedures.
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Effective upon passage, ratified June 18, 2012.
Legislative Description
Nags Head Conveyance
Last Action
Ch. SL 2012-30
6/18/2012
Committee Referrals
Finance6/12/2012
Government6/11/2012
State and Local Government5/30/2012
Full Bill Text
No bill text available