§ 37-3.2-3. Lease of property. (a) The governor is authorized, empowered, and directed, with the approval of the state properties committee to enter into an agreement or agreements to lease, and then to lease, not more than approximately one hundred seventy-five (175) acres of land comprising part of the reverter real property and part of the surplus real property, together with the Quonset Point buildings and all other improvements on the real property, and any of the reverter personal property and the surplus personal property located on the real property or in those buildings or related to the use and occupation thereof, to electric boat division of general dynamics corporation, a Delaware corporation, for an initial term and one or more renewal terms not exceeding, in the aggregate, thirty (30) years and for rents and upon other terms, conditions, and agreements, including provisions with respect to arbitration of disputes, for other consideration, and with powers to assign, mortgage, or otherwise dispose of the leasehold estate, as the governor and the state properties committee shall approve.
(b) If the Rhode Island economic development corporation, or any subsidiary corporation thereof, (the same being hereinafter referred to as "the corporation") shall acquire title to any of the reverter real property, the reverter personal property, the surplus real property, the surplus personal property, or any other personal property, then, to that extent, the corporation shall be authorized and empowered, with the approval of the state properties committee, to enter into an agreement or agreements to lease, and then to lease (or, as to Rhode Island port authority and economic development corporation, to sublease through any subsidiary corporation thereof) not more than approximately one hundred seventy-five (175) acres of the land comprising part of the reverter real property and part of the surplus real property, together with the Quonset Point buildings and all other improvements on that real property, and any of the reverter personal property and the surplus personal property located on the real property or in the buildings or related to the use and occupation thereof, and any other personal property which it may acquire, to electric boat division of general dynamics corporation, a Delaware corporation, for an initial term and one or more renewal terms not exceeding, in the aggregate, thirty (30) years and for rents and upon other terms, conditions, and agreements, for other consideration, and with such powers to assign, mortgage, or otherwise dispose of the leasehold estate, as the corporation and the state properties committee shall approve.
History of Section. (P.L. 1975, ch. 249, § 1; P.L. 1976, ch. 277, § 8.)
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