This bill enacts provisions relating to the development of property owned by certain higher education institutions.
This bill:
- authorizes certain higher education institutions to designate a development area consisting of property owned by the institution;
- provides a process for an institution to adopt a resolution designating a development area;
- requires an institution to establish a fund for revenue from the development area and provides for uses of money in the fund;
- provides for property an eligible university leases to a private person to be exempt from a privilege tax;
- requires approval from the Transportation and Infrastructure Appropriations Subcommittee and the institution's board of trustees before the institution may adopt a development agreement relating to property within a development area;
- provides limitations on a board member's participation in development actions and requires a board member to disclose a conflict before the board approves a development agreement; and
- requires the board to provide an annual report to the Higher Education Appropriations Subcommittee for each development area.