HI HB918

Extends the maximum lease term for public school lands from 55 years to 99 years under Act 155's pilot program to enable better financing for redevelopment projects.

Allows the department of education to lease up to three public school land sites identified by the board, with lessees required to modify, construct, or utilize facilities to benefit public educational purposes.

Requires lessees to maintain and operate facilities for public educational purposes, pay applicable property taxes on improvements, and permits a competitive leasehold premium to be charged.

Stipulates that all revenues and proceeds from leases be deposited into the school facilities subaccount and that facilities revert to the department upon lease expiration.

Takes effect on July 1, 2050.