KRS 56.8175: Built -to-suit involving construction on private property -- Option to

purchase.

When a built -to-suit lease is awarded to a firm that owns the land upon which the

building shall be built, the Commonwealth shall be granted an option to purchase the

leased buildings, land, and any appurtenant facilities. The option price to be paid shall not

exceed its fair market value as of the time the option is exercised as determined by a

competent and qualified real property appraiser, selected by mutual ag reement of the

parties, employing the reproduction cost new or other accepted appraisal techniques;

provided, however, that in no event shall the option price be less than a sum equal to the

remaining balance of any mortgage lien encumbering the property a nd securing the

repayment of moneys advanced to the owner for the original construction of the building,

plus an amount not to exceed ten percent (10%) of such mortgage balance.