The Advancing Strategic State and Military Asset Efficiency and Transformation (ASSET) Act aims to improve the management of unproductive and unused state real property by allowing the Department of Administrative Services, with the approval of the controlling board, to enter into enhanced lease agreements with private entities. These agreements are designed to facilitate various activities, including commercial ventures and public-private partnerships, and must include specific terms regarding authorized use, lease value, and any construction or redevelopment plans. Notably, at the end of the lease term, any improvements made on the property will revert to state ownership at no cost.

Additionally, the bill empowers the board of trustees of state universities and the Adjutant General to lease land not required for their use, with leases for university land potentially extending up to forty years for approved purposes. It modifies existing provisions related to the execution of leases, easements, and licenses, ensuring they are executed by the director of administrative services. The ASSET Act also repeals certain sections of the Revised Code concerning administrative services and military property management, streamlining processes to enhance the efficiency of state asset management.

Statutes affected:
As Introduced: 123.01, 123.17, 5913.09