2006 Code of Virginia § 2.2-1155 - Temporary transfer of use of property between state agencies and institutions; lease to private ent...

2.2-1155. Temporary transfer of use of property between state agencies andinstitutions; lease to private entities.

A. Whenever any department, agency, or institution of state governmentpossesses or has under its control property for which there is an anticipatedfuture use, but for which there is no immediate use, the department, agency,or institution of the Commonwealth may effect, subject to the writtenrecommendation of the Department to the Governor and the written approval bythe Governor, an agreement in writing with any other department, agency, orinstitution of state government for the use of the property by the otherdepartment, agency, or institution during a period not to exceed fifteenyears. The agreement may be extended beyond the fifteen-year period on anannual basis in accordance with the procedures prescribed in this subsection.In the event no other department, agency, or institution of state governmenthas use for the property, the department, agency, or institution may leasethe property to private individuals, firms, corporations or other entities inaccordance with the procedures and subject to the term limitations prescribedin this subsection.

B. The provisions of subsection A notwithstanding, public institutions ofhigher education in Virginia, subject to the approval of the GeneralAssembly, may enter into written agreements with university-relatedfoundations, private individuals, firms, corporations, or other entities tolease property in the possession or control of the institution. Any suchagreement and proposed development or use of property shall (i) be for apurpose consistent with the educational and general mission, auxiliaryenterprises, and sponsored program activities of the institution, or suchother purpose as the General Assembly may authorize, and (ii) comply withguidelines adopted by the Department. The term of any agreement shall bebased upon, among other things, the useful life of the improvements to theproperty and shall not exceed fifty years; however, any agreement may beextended upon the written recommendation of the Governor and the approval ofthe General Assembly. Agreements with private individuals, firms,corporations, or other entities shall also be subject to guidelines adoptedby the Secretary of Finance. In the event that any public institution ofhigher education in Virginia enters into any written agreement with auniversity-related foundation, private individual, firm, corporation, orother entity to lease property in the possession or control of theinstitution pursuant to this subsection, neither the real property that isthe subject of the lease nor any improvements or personal property located onthe real property that is the subject of the lease shall be subject totaxation by any local government authority pursuant to 58.1-3203 or 58.1-3502 or any other applicable law during the term of the lease,regardless of the ownership of the property, improvements or personalproperty, provided the real property, improvements or personal property shallbe used for a purpose consistent with the educational and general mission,auxiliary enterprises, and sponsored program activities of the institution.

For the purposes of this section, "university-related foundation" means anyfoundation affiliated with an institution of higher education.

(1971, Ex. Sess., c. 239, 2.1-106.6:1; 1977, c. 672, 2.1-511; 1981, c.112; 1984, c. 641; 1988, c. 57; 1990, cc. 53, 688; 1992, c. 331; 2001, c.844.)

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