State v. West Point Development Corporation

On February 14, 1957, the City of Birmingham leased to West Point Development Corporation Lots B, C, and D according to the Subdivision of Fairground Property as shown by a map thereof duly recorded in the office of the Judge of Probate of Jef-; ferson County. The lessee, West Point Development Corporation, paid the city as rent $140,000 on the day the lease was executed. The term was 30 years.

On August 27, 1964, the lessee at its sole expense completed construction of buildings and improvements on Lots B and C of the leased premises, at a cost of $215,000. It is stipulated that at the time…