76°
Baton Rouge, Louisiana
7 Day Forecast
Follow our weather team on social media

Judge: Building owner can charge rent based on gold prices

11 months 5 days 11 hours ago April 23, 2016 Apr 23, 2016 Saturday, April 23 2016 April 23, 2016 2:40 PM in News
Source: Associated Press
By: APnewsNow

COLUMBUS, Ohio  - A federal judge says a group of property owners in Ohio's capital city can collect rent based on the price of gold as part of a century-old agreement.

The judge's ruling means rent paid by the company that leases the Commerce Building in downtown Columbus could jump from $6,000 annually to nearly $350,000.

At issue is the original 1919 lease, which included a so-called "gold clause," a provision common at the time that linked rent to the price of gold to account for inflation.

Commonwealth Investments, the company paying the $6,000 annual rent, argued that a 1977 law rendered any previous gold clauses invalid.

The ruling last month by Judge George Smith affects rent owed since August 2014, when the property owners sued.

More News

Desktop News

Click to open Continuous News in a sidebar that updates in real-time.
Radar
7 Days