(1) (a) "Agency" means each department, commission, board, council, agency, institution, officer, corporation, fund, division, office, committee, authority, laboratory, library, unit, bureau, panel, or other administrative unit of the state. (b) "Agency" does not include: (i) the legislative branch; (ii) the judicial branch; and (iii) a higher education institution.
(a) "Agency" means each department, commission, board, council, agency, institution, officer, corporation, fund, division, office, committee, authority, laboratory, library, unit, bureau, panel, or other administrative unit of the state.
(b) "Agency" does not include: (i) the legislative branch; (ii) the judicial branch; and (iii) a higher education institution.
(i) the legislative branch;
(ii) the judicial branch; and
(iii) a higher education institution.
(2) "Agency optional term" means an option that is exclusively exercisable by an agency to extend the lease term.
(3) "Director" means director of the Division of Facilities Construction and Management.
(4) "Division" means the Division of Facilities Construction and Management.
(5) "High-cost lease" means a real property lease that: (a) has an initial term including any agency optional term of 10 years or more; or (b) will require lease payments of more than $5,000,000 over the term of the lease including any agency optional term.
(a) has an initial term including any agency optional term of 10 years or more; or
(b) will require lease payments of more than $5,000,000 over the term of the lease including any agency optional term.
(6) "Significant lease terms" includes the duration of the lease, the frequency of the periodic payments, renewal clauses, purchase options, cancellation clauses, repair and maintenance clauses, and restrictions on use of the property.
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