[0xB31B1B]

you'd be surprised how common this agreement is. A lot of the skyscrapers in manhattan are/were built with this arrangement, where one party owns the land, and leases it to the developer who owns builds and maintains the building. Very interesting issues came up in some condos where the owners decided to spike the ground rent when the term was up. Also, as I understand it, pretty much all of the land in China is managed like this, as well as Singapore.

If you think about it, there isn't much of a difference between a 99 year lease and a 1-3% property tax.