§ 403-A — Leasing of school property

§ 403-a. Leasing of school property. 1. The board of education or\ntrustees of a school district are hereby authorized to adopt a\nresolution providing that specific real property of such district is not\ncurrently needed for school district purposes and that the leasing of\nsuch real property is in the best interest of the school district. The\nterms of such lease shall be subject to the following:\n (a) The rental payment shall not be less than the fair market rental\nvalue as determined by the board of education.\n (b) The term of the lease shall not exceed ten years.\n (c) Upon termination, the lessee shall be obligated to restore the\nreal property to its original condition less ordinary depreciation,\nprovided that the school district may waive such requirement if the\ntenant has made improvements to such real property which may not be\nremoved without causing substantial damage to such real property.\n 2. Upon the consent of the commissioner, renewal of a lease may be\nmade for a period of up to ten years.\n 3. The board of education or trustees of a school district are hereby\nauthorized to lease real property upon such terms and conditions as the\nboard of education or trustees may deem appropriate to any person,\npartnership or corporation such board of education or trustees shall\nhave determined who will provide the most benefit to the school district\nfor periods not to exceed ten years. Such leases may also be renewed for\na period of up to ten years upon the consent of the commissioner.\n 4. Upon termination of the lease, if the school district incurs\nexpenses in restoring the real property to school use, such expenses\nshall not be included in computing any apportionment or state building\naid to such district.\n 5. Notwithstanding the provisions of paragraph (b) of subdivision one\nhereof the board of education or trustees of a school district are\nhereby authorized to enter into a lease agreement in accordance with the\nprovisions of this section for a period in excess of ten years subject,\nhowever, to voter approval by referendum.\n 6. Nothing contained herein shall prevent the board of education or\ntrustees of a school district from entering into a lease agreement which\nprovides for the cancellation of the same by such board or trustees\nupon:\n (a) a substantial increase or decrease in pupil enrollment; or\n (b) a substantial change in the needs and requirements of a school\ndistrict with respect to facilities; or\n (c) any other change which substantially affects the needs or\nrequirements of a school district or the community in which it is\nlocated.\n