§ 37-3.2-3 - Lease of property.
SECTION 37-3.2-3
§ 37-3.2-3 Lease of property. – (a) The governor is authorized, empowered, and directed, with the approval ofthe state properties committee to enter into an agreement or agreements tolease, and then to lease, not more than approximately one hundred seventy-five(175) acres of land comprising part of the reverter real property and part ofthe surplus real property, together with the Quonset Point buildings and allother improvements on the real property, and any of the reverter personalproperty and the surplus personal property located on the real property or inthose buildings or related to the use and occupation thereof, to electric boatdivision of general dynamics corporation, a Delaware corporation, for aninitial term and one or more renewal terms not exceeding, in the aggregate,thirty (30) years and for rents and upon other terms, conditions, andagreements, including provisions with respect to arbitration of disputes, forother consideration, and with powers to assign, mortgage, or otherwise disposeof the leasehold estate, as the governor and the state properties committeeshall approve.
(b) If the Rhode Island economic development corporation, orany subsidiary corporation thereof, (the same being hereinafter referred to as"the corporation") shall acquire title to any of the reverter real property,the reverter personal property, the surplus real property, the surplus personalproperty, or any other personal property, then, to that extent, the corporationshall be authorized and empowered, with the approval of the state propertiescommittee, to enter into an agreement or agreements to lease, and then to lease(or, as to Rhode Island port authority and economic development corporation, tosublease through any subsidiary corporation thereof) not more thanapproximately one hundred seventy-five (175) acres of the land comprising partof the reverter real property and part of the surplus real property, togetherwith the Quonset Point buildings and all other improvements on that realproperty, and any of the reverter personal property and the surplus personalproperty located on the real property or in the buildings or related to the useand occupation thereof, and any other personal property which it may acquire,to electric boat division of general dynamics corporation, a Delawarecorporation, for an initial term and one or more renewal terms not exceeding,in the aggregate, thirty (30) years and for rents and upon other terms,conditions, and agreements, for other consideration, and with such powers toassign, mortgage, or otherwise dispose of the leasehold estate, as thecorporation and the state properties committee shall approve.