2023-12-11-minutes-public-works-study-session

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(ii) All leases for commercial, industrial, or business purposes that extend beyond 55 years must provide for periodic rental reevaluation and adjustment, except leases with rentals based on a percentage of income; (ii'-; All leases for commercial, industrial, or business purposes that extend terms beyond 55 years must be reported to the office of financial management and the appropriate committees of the legislature within 30 days of the date of execution of the lease. The report must include a financial analysis that Justifies the financial benefit for the added term and the schedule for periodic rental adjustments; (c) The lands may be leased for public school, college, or university purposes not to exceed ( (eevexats�ive) ) 75 years; (d) The lands may be leased for residential purposes not to exceed (( _ )) 99 years; and (e) The lands and development rights on state lands held for the benefit of the common schools may be leased to public agencies, as defined in RCW 79.17.200, not to exceed ((may -tee)) 99 years. The leases may include provisions for renewal of lease terms. (2) Trust assets may be leased not to exceed 20 years. (3) No lessee of state lands may remain in possession of the land after the termination or expiration of the lease without the written con&ent of the department. (a) The department may authorize a lease extension for a specific period beyond the term of the lease for cropping improvements for the purpose of crop rotation. These improvements shall be deemed authorized improvements under RCW 79.13.030. ;b) Upon expiration_ of the lease term, the department may allow the 'Lessee to continue to hold the lard for a period not exceeding one year upon such rent, terms, and conditions as the department may prescribe, if the leased lard is not otherwise utilized. (c) Upon expiration of the one-year lease extension, the department may issue a temporary permit to the lessee upon terns and Code Rev/M!�:jlb 3 Z-C471,1/24