2005 Vermont Code - § 26a. — Determination of rent to be charged for leasing or licensing state-owned property under the agency\'s jurisdiction

§ 26a. Determination of rent to be charged for leasing or licensing state-owned property under the agency's jurisdiction

Except as otherwise provided by law, leases or licenses negotiated by the agency under sections 204 and 3405 of Title 5 and section 26 of this title ordinarily shall require the payment of fair market value rent, as determined by the prevailing area market prices for comparable space or property. However, the agency may lease or license state-owned property under its jurisdiction for less than fair market value when the agency determines that the proposed occupancy or use serves a public purpose or that there exist other relevant factors, such as a prior course of dealing between the parties, that justify setting rent at less than fair market value. (Added 1997, No. 150 (Adj. Sess.), § 20.)