The Advancing Strategic State and Military Asset Efficiency and Transformation (ASSET) Act proposes amendments to the Revised Code to improve the management and leasing of unproductive and unused state real property in Ohio. The bill allows the Department of Administrative Services, with the approval of the controlling board, to enter into enhanced lease agreements with private entities, facilitating commercial activities, research, and public-private partnerships. Key provisions include the requirement for leases to specify authorized use, lease value, and any construction or redevelopment plans, with all improvements reverting to state ownership at the end of the lease term without cost.

Additionally, the ASSET Act modifies existing provisions related to leasing by state universities and the Adjutant General, enabling them to lease land not required for their use to developers for various facility developments. The bill includes new language that allows for leases of university land for periods not exceeding forty years, with renewal options, and clarifies the execution of leases by the director of administrative services. It also emphasizes compliance with state and local laws in development plans and includes provisions for financial responsibility and insurance. Overall, the ASSET Act aims to enhance the efficiency of state asset management while protecting state interests.

Statutes affected:
As Introduced: 123.01, 123.17, 5913.09