Bill > S1691

This bill authorizes the commissioner of the division of capital asset management and maintenance to negotiate and enter into a lease for up to twenty years, with options to extend, for land, buildings, and improvements in downtown New Bedford to provide additional facilities for Bristol Community College. The lease will be with a developer selected through a competitive and public process, who will be responsible for constructing the required improvements. Funding for the lease will require annual appropriation by the general court and authorization from the secretary of administration and finance and the Bristol Community College board of trustees. The lease must include final plans and specifications ready for construction, and the commonwealth will have an option to purchase the property during or at the end of the lease term, subject to appropriation and not exceeding fair market value. The developer will cover all costs associated with improvements and the leasing process, and will indemnify the commonwealth for environmental liabilities. The lease price will be determined by independent appraisal, reviewed by the inspector general, who will also review the developer selection process. The commissioner must submit lease agreements and amendments to the inspector general for review and approval thirty days before execution, and then to legislative committees. Finally, the president of Bristol Community College must submit a financial and operating plan for the college's property in New Bedford, detailing costs, revenue sources, and proposed usage for both existing and newly leased properties.