Bozeman Self Storage in Montana is signing a 33-year land lease with the state and, in so doing, is supporting public education for grades K through 12. Money from the lease of the facility’s acreage goes into a common school trust to generate additional revenue, according to Randy Schubert, the facility’s project manager.
The schools own a total of 206 acres, historically used for agriculture. By reclassifying the land for commercial use, they can generate 50 times more income. As an added benefit, the land will now generate property-tax revenue. The self-storage lease has two 33-year renewal options.
Langlas & Associates has begun construction on the first phase of the project that includes self-storage, RV storage and light industrial shops on 3.5 acres. The lease is for a total of 10 acres.
Source: Bozeman Daily Chronicle, What’s Up With That?