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MI SCR0019
Concurrent Resolution
AI Summary
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Total Facility Cost shall not exceed $28,000,000, with the State Building Authority financing up to $20,999,900 through bonds, the Educational Institution contributing $7,000,000, and the State General Fund contributing $100.
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Approves conveyance of property owned by Saginaw Valley State University to the State Building Authority as described in the lease agreement.
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Authorizes the State Building Authority to acquire the Health Sciences Facility and lease it to the State and the Educational Institution, determining this constitutes a public purpose under 1964 PA 183.
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Annual "True Rental" payments for the Facility shall range between $1,440,000 and $1,883,000, subject to certification by an appraiser and approval by the State Administrative Board and Authority.
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Legislature authorizes the Governor and Secretary of State to execute the lease and commits to appropriating sufficient annual funds to pay all rent obligations under the lease.
Legislative Description
A concurrent resolution approving the conveyance of property to the State Building Authority and approving a lease among the State of Michigan, the State Building Authority, and the Board of Control of Saginaw Valley State University relative to the Saginaw Valley State University Health Sciences Facility.
Lease
Last Action
Re-referred To Committee On Appropriations
6/22/2010