NY A09689

Extends the maximum initial lease term for lands at SUNY Purchase from 40 years to 75 years that may be leased to the Purchase College Advancement Corporation without public bidding.

Removes the previous condition that leases could be shortened based on debt repayment timelines, replacing it with a fixed 75-year maximum term.

Changes contract approval language from "or" to "with" regarding agreements between SUNY and the Purchase College Advancement Corporation, requiring approval by the Attorney General, Director of the Budget, and State Comptroller.

Maintains the requirement that lease proceeds be allocated by SUNY's board of trustees as 75 percent for student financial aid and 25 percent for full-time faculty positions.

Takes effect immediately upon enactment.