8/13/2023 0 Comments Horizon bank![]() ![]() “It is a bedrock principle in this country that a state cannot simply pass legislation to avoid performance of its contractual obligations to its citizens,” the bank wrote in its complaint. But when the committee reported its rider recommendations, it included the provision. Gary VanDeaver, the committee’s chair, could not find which legislator specifically added the language barring the corporation from using state money for a private lease. “I’m just astounded, I mean it’s $49 a foot.” Carl Tepper, a Lubbock legislator and commercial real estate investor. Horizon has always been about people first and its this philosophy that has kept us growing. “Do we have to be in downtown?” asked Rep. Horizon Bank is a community bank serving Indiana and Michigan. The corporation said it had been in conversations, but never received definitive word on the space that would be available. Bush State Office Building at 1801 Congress Avenue, a state-owned facility. Some committee members asked if the corporation had considered taking space instead at the George H.W. Timmons told the subcommittee that the corporation had signed a new lease that was a “fiscally moderate choice” that would “greatly advance our ability” to retain and recruit. But the rider traces back to a February meeting of the House Appropriations Committee’s higher education subcommittee, when Permanent School Fund Corporation executives Holland Timmons and Tom Maynard laid out their budget requests.īy signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy. It is unclear who, exactly, added the wording to the budget that eliminated the corporation’s ability to sign a private lease. ![]() The Moody lease expires this year and isn’t eligible for renewal, according to the lawsuit. Greg Abbott signed the new budget into law this June, it contained a rider blocking the corporation from using any of its funds to pay for private facilities, except for its current lease in the Moody Bank Building at 400 West 15th Street. It was delivered in March, and the corporation began making its improvements to the space.īut when Gov. As it shopped around for new space, the corporation told potential landlords that the odds of a budget shortfall forcing a lease default were “extremely low,” Horizon alleges.Ī default of that sort would “damage the future ability of any State of Texas entity from continuing to enter into long-term contracts,” the corporation wrote, according to the lawsuit.Īfter signing the lease with the Permanent School Fund Corporation, Horizon and D2000, a development and management firm connected to the property’s ownership LLC, spent the next year constructing the building. But the June 2022 lease, signed before this year’s budget set the corporation’s spending limits, left open the possibility that state legislators could supply it with less money than it needed to meet rent payments. ![]()
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