HB 5293 Summary

• Restricts public school academies, urban high school academies, schools of excellence, and strict discipline academies from leasing or purchasing real property from educational management organizations with which they have management agreements, affiliated real estate holding companies, or persons affiliated with such holding companies.

• Requires academy boards of directors to approve lease and purchase agreements for real property and ensure terms reflect current market conditions as determined by an appraisal from a licensed independent real estate appraiser.

• Mandates that academy boards obtain review of all real property lease and purchase agreements by their authorizing body before execution.

• Requires authorizing bodies to notify the superintendent of public instruction and state board if they have reason to suspect lease or purchase agreements involve prohibited parties or fail to reflect market conditions.