[§107D-2] State facility renovation partnership program; established.

360 words·~2 min read·/hi/107d-2

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)There is established the state facility renovation partnership program to be administered by the department. The program shall include all transactions, including land, improvements, or both.

(b)The department shall conduct a comprehensive review of all state office facilities and shall compile a list of priority facilities situated on state-owned land that it deems best suited for the state facility renovation partnership program.

(c)The department may enter into a development agreement with any private investor for the sale of a priority facility identified in subsection

(b)to the private investor; provided that the development agreement contains the following requirements:

(1)The State shall sell the facility to the private investor, who shall:

(A)Renovate, improve, or construct for the State a facility, pursuant to a ground lease, and may maintain the facility; and

(B)Lease the facility to the State, pursuant to a building lease;

(2)The land upon which the facility rests shall not be sold to the private investor; provided that the land may be leased at a nominal rate to the private investor for a term that would, at a minimum, allow the private investor to recover the capital investment that has been made to the facility, including depreciation; and

(3)The State shall have the option of purchasing the facility from the private investor for the remaining balance of the debt service costs incurred by the private investor at any time; provided that the ground lease shall terminate concurrently.

(d)There is established the state facility renovation partnership special fund in the state treasury to be administered by the department and into which all funds derived from the state facility renovation partnership program shall be deposited. Funds in the special fund shall be used solely for the purposes of the state facility renovation partnership program.

(e)The department shall establish rules pursuant to chapter 91 to implement the purposes of this chapter.

(f)In the event of any conflicts between the provisions of this chapter and chapter 171, this chapter shall control; otherwise, the provisions of chapter 171 shall apply. [L 2011, c 231, pt of §2]