07 AM
25 1022
ADOPTED
SENATE
Senators Chapman of the 3rd, Shafer of the 48th, Unterman of the 45th, Douglas of the 17th, Harp of the 29th and others offered the following amendment:
Senators Chapman of the 3rd, Shafer of the 48th, Unterman of the 45th, Douglas of the 17th, Harp of the 29th and others offered the following amendment:
Amend
the Senate Natural Resources and the Environment Committee substitute to HB 214
(LC 25 4956S) by inserting after "certain
taxation;" on line 5
of page 1 the following:
to
change certain provisions relating to conditions on sale of residential lots and
commercial property, price, and payment into state treasury;
By
inserting between Sections 4 and 5 the following:
SECTION
4C.
Said
part is further amended by revising subsections (a), (b), and (c) and adding a
new subsection (c.1) in Code Section 12-3-247, relating to conditions on sale of
residential lots and commercial property, price, and payment into state
treasury, as follows:
"(a)
The authority shall
sell only
those residential lots which have theretofore been leased by
it
not sell any
residential lot unless obligated to do so under the terms of a valid lease
agreement entered into prior to the effective date of this Code
section, and such a sale shall be made
only to the person who shall hold such lease, his
or
her assignee, or assigns. No conveyance
of the fee simple title to any residential lot shall be made until the lessee of
such lot has performed all the obligations regarding the improvement and
erection of structures on the lot as are imposed by the lease.
(b)
The authority shall
sell
no
not sell
any commercial property on which
improvements were erected prior to March 1,
1957, but
the authority may sell other commercial
property; and
the authority shall not sell any other commercial property unless obligated to
do so under the terms of a valid lease agreement entered into prior to the
effective date of this Code section, in which event the commercial property may
be sold in the same manner as provided by
this part for the sale of
leased
residential lots.
Alternatively,
if such commercial property has not previously been leased, it may be sold
directly by the authority, provided that the deeds for such direct sales must
provide that unless all obligations contained in the conveyance as to
improvements and erection of structures on such property are fulfilled, the
property shall revert to the authority and the state, as their interest may
appear.
(c)
All sales of residential lots and commercial
property,
except for direct sales of commercial property provided in this Code
section, shall be made at the conversion
price set by the authority in accordance with Code Section 12-3-250, provided
that any person who purchases any residential lot sold by the authority shall be
entitled to credit on the purchase price to the extent of all payments made by
him or his assignors or predecessors in interest on such lease, provided that
such credit shall not exceed the purchase price of such lot. If such credit
shall equal the purchase price for such lot, the lessee shall be entitled to a
conveyance of the fee simple title to such lot, and the authority shall
thereupon pay into the state treasury an amount equal to the value of the
state´s interest in such property as determined as provided in Code Section
12-3-249. The authority shall establish proper reserves to ensure that funds
will be available for such purpose.
(c.1)
On and after the effective date of this Code section, the authority shall not
enter into, extend, or renew any agreement providing for the sale of any
residential or commercial lot on Jekyll Island, and Code Section 12-3-250 shall
not apply to any new, extended, or renewed
agreement."