Enact the ASSET Act

Summary

The ASSET Act authorizes the state to enter enhanced lease agreements for unproductive and unused real property, and gives university boards of trustees and the Adjutant General the power to lease land. Lease terms vary—up to 15 years for general state land, 25‑40 years for university land, and up to 40 years for other purposes—with options for lease‑purchase that transfer ownership to the state. The bill also establishes bidding, public‑notice, and certification procedures for these leases.

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