HB 1185: A shell game played with taxpayer money
This bill would allow colleges and universities in the State of Texas to sell off facilities, bought and paid for by taxpayer monies to private real estate investment trusts (REIT) that would in turn lease those facilities BACK to the college/university. In this manner, the colleges get an up front payment, but then they are on the hook to pay rent in perpetuity for use of facilities that You and I paid for. This will be a net loss in revenue for the colleges because they must pay whatever rent that the REIT decides they must pay. Additionally, I suspect that many of the board of trustees will find ways to be a part of those REITs, thereby ensuring a perpetual income stream for themselves. Taking a publicly built road and selling it to a toll road operator is wrong, and this is doing the exact same thing to our colleges and universities. They will be charging a toll on the use of those facilities that the public bought and paid for. Make sure you write your State Senators and Representatives and make sure this bill does not see the light of day.