HI HB1505

Establishes the State Facility Renovation Partnership Program administered by the Department of Accounting and General Services to address facility maintenance backlogs and infrastructure needs through public-private partnerships.

Authorizes the department to conduct a comprehensive review of state office facilities and compile a priority list of state-owned facilities suitable for the partnership program.

Permits the department to enter into development agreements with private investors to sell facilities, which the private investor will renovate, improve, or construct and then lease back to the State under a building lease.

Requires that state land cannot be sold to private investors but may be leased at a nominal rate for a term sufficient for the investor to recover capital investment with depreciation.

Grants the State an option to purchase the facility from the private investor at any time for the remaining debt service costs, with concurrent termination of the ground lease; effective July 1, 2011.