SB1050

THE CONTEXT: Within 30 days of entering a lease for the occupancy of a government property improvement, the government lessor must record a memorandum of the lease in the office of the county recorder in the county in which the government property is located and submit to the county treasurer copies of the lease or an abstract of the lease. The government lessor also must maintain a public database by county, city or town or post its lease agreements on a county, city or town website in locations where the government property leases are subject to property tax ( A.

WHAT THE BILL DID: The final vetoed version would requires, within 30 days, each government lessor to include any GPLET leases in the lessor's public database, require a government lessor to post its GPLET leases and development agreements on its website, and requires, for every lease and development agreement, the government lessor's database to include the following minimum information: a) the county assessor's parcel number; b) the legal description and situs address of the property and the property type; c) the name of the lessee and the county recording number of the lease; d) the time period in which the lease or development agreement is subject to abatement and excise tax, if applicable; e) the amount of all other taxes, rents or fees the lessee is required to remit to the government lessor or other taxing jurisdictions during the lease or abatement period; f) links to all lease and development agreements and the corresponding government lessor notices; and g) a link to the current map of the city's or town's central business district and redevelopment areas.

WHY IT MATTERED: The practical reason for this bill was to make the government process for gplet more definite and accountable. It would requires, within 30 days, each government lessor to include any GPLET leases in the lessor's public database, and would also require a government lessor to post its GPLET leases and development agreements on its website, rather than leave the current rule unchanged.