The Wichita Boathouse lease is being described in media and online as having been a $1-a-year sweetheart deal. That is accurate as far as the check went but misleading as far as the bargain went.
In return for nearly rent-free use of a prominent public riverfront property under a 99-year lease, the America³ Foundation assumed extensive responsibility for maintaining the building: its roof, foundation, exterior, interior, mechanical systems, grounds and other improvements.
The dollar was symbolic. The maintenance was the real rent…