California Food and Agricultural Code

§ 4103.5

FAC § 4103.5 Effective Jun 27, 2018Div. 3 · Part 3 · Ch. 6 · Art. 1

Statute text

(a)(1) The California Science Center may enter into one or more agreements or leases with the California Science Center Foundation, a California nonprofit public benefit corporation, with the approval of the Natural Resources Agency, the Department of Finance, and the Department of General Services, for the purpose of developing, designing, constructing, equipping, furnishing, operating, and funding the project known as the Phase III Project of the California Science Center, which is located adjacent to or contiguous with the existing Phase I Project and Phase II Project of the California Science Center in Exposition Park. Those agreements and leases shall include a site lease of the land on which the Phase III Facilities are to be constructed with the California Science Center Foundation for a nominal payment, and a lease-purchase agreement pursuant to which the California Science Center shall lease and acquire the Phase III Facilities from the California Science Center Foundation. The site lease and the lease-purchase agreement shall be for a term ending 30 years after the later of October 1, 2022, or the date on which the Phase III Facilities are certified available for use and occupancy. The lease payments on behalf of the state shall be two million four hundred thirty thousand dollars ($2,430,000) per year for the term of the lease-purchase agreement, commencing on the later of October 1, 2022, or the date on which Phase III Facilities are certified available for use and occupancy.

(2)Before entering into any agreement or lease with the California Science Center Foundation relating to the Phase III Project, the California Science Center shall have approval for the Phase III Project from the Natural Resources Agency and the Department of Finance.

(3)All agreements or leases entered into between the California Science Center and the California Science Center Foundation relating to the Phase III Project shall be on terms compatible with the financing arrangements that exist on the Phase I Project and Phase II Project. The entire design and construction cost of the Phase III Project shall be the sole responsibility of the California Science Center Foundation. Except for the lease payments contemplated in paragraph (1), any agreement or lease entered into between the California Science Center and the California Science Center Foundation relating to the Phase III Project shall not contain terms, either directly or indirectly, that obligate the California Science Center, Exposition Park, or the state to pay or repay any debt issuance or other financing that may be associated with the Phase III Project.

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Legislative history

Amended by Stats. 2018, Ch. 37, Sec. 9. (AB 1817) Effective June 27, 2018.