Definitions

As used in this chapter: "Building lease" means a contract between the department and private investor in which the private investor conveys an improved facility to the department for a specified period of time. "Department" means the department of accounting and general services. "Development agreement" means an agreement between the State and a private investor which, at a minimum, includes: (1) A description of the work to be done; (2) The sale price for the facility; (3) The duration of the agreement; (4) The roles and responsibilities of the department and the private investor; and (5) The terms and conditions for the ground lease and building lease. "Facility" means property under the management and control of the department that may contain land, buildings, or both. "Ground lease" means a lease of land executed between the State and private investor pursuant to which the private investor will renovate the existing facility, provide improvements, or construct a new building or buildings on a specified property. "Private investor" means a non-governmental entity.