SMV Pr William IDA (language only)

Item C-96.10 #1h

Language
Page 397, after line 9, insert:
"C-96.10
A. The General Assembly hereby authorizes the Science Museum of Virginia, George Mason University and the Department of the Treasury to contract with Prince William County, its agents or instrumentalities, for the financing, acquisition, construction and equipping of a new science center and academic and educational laboratory facility.
B. The Museum and the University are authorized to enter into a lease agreement with respect to such building, subject to the written approval of the Governor and the following conditions:
1. Real property sufficient upon which to construct the facility shall be conveyed to the Commonwealth, in fee simple, at no cost to the Commonwealth or Prince William County;
2. Lease payments by the Commonwealth for the facility shall not exceed $3,700,000 annually;
3. Annual payments shall be sufficient to pay all debt service and administrative expenses on any bonds issued for the facility by Prince William County, its agents or instrumentalities;
4. Such bonds shall provide amounts sufficient for the planning, acquisition, construction, and equipping of the building, including issuance costs and any reserve fund and all interest on the bonds prior to the beginning of the lease payments;
5. The terms and structure of such bonds shall be approved by the Treasury Board as provided in subdivision 7 of § 2.2-2416, Code of Virginia;
6. The lease shall be for a term of not more that 21 years and shall provide that, upon the expiration of its term and the payment of the bonds, the building shall convey to the Commonwealth at no additional cost.
C. It is the intent of the General Assembly to appropriate general fund revenues sufficient to pay lease payments.
D. Prior to execution, such lease shall be subject to the reviews and approvals prescribed by §§ 2.2-2416 and 2.2-1149, Code of Virginia, and §§ 4-3.03 and 4-5.09 of this act.
E. The leased facility generally shall be composed of museum galleries and exhibit spaces, laboratories, offices, and ancillary areas for operations of the Science Museum of Virginia and George Mason University, estimated at 170,000 square feet, more or less."

Explanation
(This amendment provides authorization to construct an approximately 170,000-square-foot museum, academic classroom and laboratory facility, to be jointly occupied by the Science Museum of Virginia and George Mason University in Prince William County, adjacent to the Potomac and Occoquan Rivers. The project would be financed through Prince William County, and leased to the Commonwealth.)