99 year lease applications put on hold by the Department of Commerce
The program is being revamped and details could be available at the March or June Montana Heritage Commission meetings
The Montana Department of Commerce (DOC) has removed the application for the 99 year property leases in Virginia City created by House Bill 680 in the 2025 legislative session from their website and paused all pending applications until further notice. The DOC are in the process of creating program guidelines and a new application process as well as other supporting information. The new processes are expected to be presented at either the March or June Montana Heritage Commission (MHC) meetings.
Governor Greg Gianforte came to Virginia and Nevada City in August to promote the creation of public-private partnerships to assist in the restoration and maintenance of some of the historic properties in Virginia and Nevada City had needed significant repairs. According to the governor, the 99 year lease terms were intended to allow for investors to qualify for financing on projects that would not qualify for financing with a shorter lease.
An application for 99 year leases on the Nevada City Hotel and River of Gold properties heard at the Sept. 5 meeting of the MHC provoked concerns from the community about the scope of the project and the changes it could bring to the community of Virginia City. With the urging of the Virginia City community and representative Ken Walsh, who sponsored the bill that created the 99 year leases, the DOC removed the applications from being considered a second time in the December MHC meeting and began the process of creating the guidelines for the program.
More information about the MHC and how to attend or view their upcoming meetings is at www.commerce.mt.gov/About/Boards/Montana-Heritage-Commission/Reports-Pub....