OH SB249

Permits state higher education institutions to convey student housing and parking property to tax-exempt conduit entities through financing agreements, subject to approval by the Ohio Board of Regents Chancellor and Controlling Board.

Allows institutions to assign revenues from parking and student housing facilities to conduit entities and independent funding sources as security for lease-leaseback arrangements lasting up to 99 years.

Requires conduit entities to be 501(c)(3) organizations qualifying as public charities under IRS code sections 509(a)(2) or 509(a)(3), with power to return excess funds and property to the institution when no longer encumbered by liens.

Preserves property tax exemption status for conveyed property as long as it remains held by the state institution or conduit entity subject to the lease-leaseback arrangement, with the conduit entity responsible for applying for continued exemption.

Permits financing agreements through either competitive selection or direct negotiations, with state institutions able to maintain or administer conveyed property and collect rents or fees on behalf of the conduit entity.