governmental mall office
building
W/D |
Committee on Retirement & Government Operations |
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x |
Committee on Public Institutions & Rural Affairs |
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Caucus and COW |
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As Passed the House |
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SB1051 authorizes the director of the Arizona Department of Administration (ADOA) to enter into a lease-to-own transaction with a private entity for the construction and ownership of three office buildings to be located on the Capitol Mall area.
Laws 2000, Chapter 164, Section 1, authorized the director of ADOA to enter into a lease-to-own transaction for the ownership by this state of two office buildings located on the capitol mall [the Arizona Department of Administration and the Arizona Department of Environmental Quality].
· Increases the number from two to three buildings which the director of ADOA would be authorized to enter into a lease-to-own transaction [adds a building for the Arizona Department of Health Services].
· Stipulates conditions of the lease-to-own transaction.
1.
The lease to the private
entity of state property necessary for the construction of the office
facilities and related infrastructure for the term of the lease-to-own
transaction.
2.
The construction to the
state's specifications of the office facilities and related infrastructure.
3.
The lease of the completed
office facilities and related infrastructure by the state for an extended term
of years.
4.
The transfer of ownership of
the office facilities and related infrastructure from the private entity to the
state on the payment of a nominal sum at the expiration of the lease.
5.
The option for the state's
purchase of the office facilities and related infrastructure before the
expiration of the lease.
6.
The private entity's
possession of and authority to lease to other tenants the office facilities and
related infrastructure for the remaining term of the lease if sufficient funds
are not appropriated for the continued occupancy by the state.