§171-135  Joint venture or developmentagreement.  (a)  An industrial park may be developed under section 171-134by the department in partnership or under a development agreement with afederal agency, county, or private party subject to a partnership ordevelopment agreement executed by the chairperson of the board; provided thatif the industrial park is to be developed in partnership or under a developmentagreement with a private party, the private party shall be selected inaccordance with section 103D-302 or 103D-303.  At a minimum, the agreementshall provide for:

(1)  A determination by the board that the partnershipagreement or the development agreement is for a public purpose;

(2)  Long-term assurance that the public land withinthe industrial park will be utilized for industrial uses;

(3)  Final approval by the board of the plans andspecifications for the industrial park;

(4)  Exclusive authority by the board to issue leasesor master leases within the industrial park; and

(5)  Conditions to ensure a public benefit from anystate funds expended for the industrial park.

(b)  Notwithstanding any other provision of lawto the contrary, a partnership or development agreement entered into pursuantto subsection (a) may provide for:

(1)  The board to issue master leases within anindustrial park by negotiation, without regard to the limitations provided insections 171-16(c) and 171-59(a), to the entity that developed the industrialpark or the nominee or nominees of the entity that developed the industrialpark; and

(2)  A master lease with terms and conditions uponwhich the master lessee may issue tenant subleases within the industrial parkwithout the consent of the board. [L 1988, c 361, pt of §1; am L 1991, c 173,§2; am L 2002, c 139, §2]