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MI SCR0043
Concurrent Resolution
AI Summary
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Total Facility Cost for the Kalamazoo Valley Community College Texas Township Campus Expansion shall not exceed $11,988,000, with the State Building Authority financing $5,993,800, the State General Fund contributing $200, and the Educational Institution contributing $5,994,000.
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Legislature approves the conveyance of property to the State Building Authority and the Authority acquiring and leasing the Facility to the State and Kalamazoo Valley Community College as a public purpose project.
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Annual "True Rental" payments for the Facility shall range between $411,000 and $537,000, subject to variations in appraisal components and approval by the State Administrative Board and Authority.
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Legislature approves the lease agreement among the State, State Building Authority, and Kalamazoo Valley Community College, and authorizes the Governor and Secretary of State to execute the lease.
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Legislature commits to appropriating sufficient annual funds to pay the rent obligations under the lease agreement.
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 Kalamazoo Valley Community College relative to the Kalamazoo Valley Community College Texas Township Campus Expansion.
Lease
Last Action
Referred To Secretary For Record
7/21/2010