13-62-15. Lease of buildings--Conditions.

The Board of Regents may lease, for commercial purposes, portions of buildings that are not regularly and actively used by South Dakota Services for the Deaf. The purposes, terms, and conditions of each lease must be economical and consistent with the stewardship of public property.

The board may permit a lessee to undertake renovations if:

(1)    The renovation is comparable to the kind and quality of 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 that the title to the renovations vests with the board on behalf of the state.

The board shall establish lease rates that are consistent with those of 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 by the board pursuant to this section is continuously appropriated to the board for use in maintaining the property and supporting the operations of South Dakota Services for the Deaf.

Source: SL 2018, ch 111, § 10, eff. Feb. 8, 2018; SL 2023, ch 62, § 19.