13-62-15. Lease of buildings for commercial purposes--Use of lease income. The Board of Regents may lease for commercial purposes portions of School for the Deaf buildings that are no longer regularly and actively used by the School for the Deaf in the conduct of school's operations. The purposes, terms, and conditions of each lease shall be both economical and consistent with the stewardship of public property. The board may permit a lessee to undertake renovations on the following conditions:
(1) The construction is of comparable kind and quality as the original structure;
(2) The board has the right to prior review and approval of renovation designs and specifications that may affect shared building structural systems and related equipment and infrastructure;
(3) The lessee provides such as-built documentation as the board may require; and
(4) The lessee agrees title to the renovations shall vest with the board on behalf of the state.
The board shall establish lease rental rates consistent with the rates for commercial leases for comparable properties in Sioux Falls and Minnehaha County. The board may offer the leases to the public in any commercially reasonable manner. Lease income received through the leases by the board pursuant to this section shall be continuously appropriated to the School for the Deaf for use in maintaining the property and supporting the operations of the School for the Deaf.
Source: SL 2018, ch 111, § 10, eff. Feb. 8, 2018.
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