Article Date: 11/07/2014


Lease-Leaseback Exempt from Competitive Bidding


A “lease-leaseback” arrangement for improvements to public school property was exempt from the state competitive bidding requirements. Under the arrangement, the school district leased the property to the contractor for $1 per year. The contractor constructed the improvements at its own cost and leased the property back to the district. Payments over the fixed term of the leaseback paid for financing and constructing the improvements. Unencumbered title to the property then reverted to the school district.

 

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