§ 4.08.090. Leases.

The creation of a leasehold interest in taxable real property for a term of thirty-five (35) years or more (including renewal options), the termination of a leasehold interest in taxable real property which had an original term of thirty-five (35) years or more (including renewal options), any transfer of a leasehold interest having a remaining term of thirty-five (35) years or more (including renewal options), or any transfer of a lessor's interest in taxable real property subject to a lease with a remaining term (including renewal options) of less than thirty-five (35) years shall be subject to the tax imposed by this chapter.

(Ord. No. 516.4, § 1(9), 2-4-2014)