S.B. 176 Summary

• Amends §171-136 to require industrial park leases include a rent escalation clause limiting five-year rental rate increases to the lesser of the Consumer Price Index percentage or 10 percent.

• Authorizes the Board of Land and Natural Resources to sell fee simple interest in Sand Island Industrial Park parcels to existing lessees under master leases.

• Requires revenues from industrial park land sales to be distributed equally between the general fund and the special land and development fund.

• Requires the Board of Land and Natural Resources to report on progress of industrial park land sales to the legislature by twenty days before the 2022 regular session.

• Takes effect July 1, 2050.