(a)  The governor is authorized, empowered, and directed, with the approval of the state properties committee to enter into an agreement or agreements to lease, and then to lease, not more than approximately one hundred seventy-five (175) acres of land comprising part of the reverter real property and part of the surplus real property, together with the Quonset Point buildings and all other improvements on the real property, and any of the reverter personal property and the surplus personal property located on the real property or in those buildings or related to the use and occupation thereof, to electric boat division of general dynamics corporation, a Delaware corporation, for an initial term and one or more renewal terms not exceeding, in the aggregate, thirty (30) years and for rents and upon other terms, conditions, and agreements, including provisions with respect to arbitration of disputes, for other consideration, and with powers to assign, mortgage, or otherwise dispose of the leasehold estate, as the governor and the state properties committee shall approve.

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Terms Used In Rhode Island General Laws 37-3.2-3

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Personal property: All property that is not real property.
  • Quonset Point buildings: means the buildings at the site of Quonset Point naval air station in the town of North Kingstown and situated on the reverter real property, or the surplus real property, including, without being limited to, the following: buildings number 1, 2, 16, 17, 60, 151, 374, 375, 406, 483, 484, 488, 536, 537, DG12 and DT38. See Rhode Island General Laws 37-3.2-1
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Reverter personal property: means the personal property (which may include any of the Quonset Point buildings to the extent that they are deemed to be personal property) located on the reverter real property. See Rhode Island General Laws 37-3.2-1
  • Reverter real property: means that real property more fully described in P. See Rhode Island General Laws 37-3.2-1
  • Surplus personal property: means such personal property, in addition to the reverter personal property, as shall be transferred, assigned, or conveyed to the state by the United States pursuant to the provisions of § 13 (g) of the surplus property act of 1944 or pursuant to the provisions of any other applicable law of the United States. See Rhode Island General Laws 37-3.2-1
  • Surplus real property: means such real property as shall be transferred, assigned, or conveyed to the state by the United States pursuant to the provisions of § 13 (g) of the surplus property act of 1944, 50 U. See Rhode Island General Laws 37-3.2-1

(b)  If the Rhode Island economic development corporation, or any subsidiary corporation thereof, (the same being hereinafter referred to as “the corporation”) shall acquire title to any of the reverter real property, the reverter personal property, the surplus real property, the surplus personal property, or any other personal property, then, to that extent, the corporation shall be authorized and empowered, with the approval of the state properties committee, to enter into an agreement or agreements to lease, and then to lease (or, as to Rhode Island port authority and economic development corporation, to sublease through any subsidiary corporation thereof) not more than approximately one hundred seventy-five (175) acres of the land comprising part of the reverter real property and part of the surplus real property, together with the Quonset Point buildings and all other improvements on that real property, and any of the reverter personal property and the surplus personal property located on the real property or in the buildings or related to the use and occupation thereof, and any other personal property which it may acquire, to electric boat division of general dynamics corporation, a Delaware corporation, for an initial term and one or more renewal terms not exceeding, in the aggregate, thirty (30) years and for rents and upon other terms, conditions, and agreements, for other consideration, and with such powers to assign, mortgage, or otherwise dispose of the leasehold estate, as the corporation and the state properties committee shall approve.

History of Section.
P.L. 1975, ch. 249, § 1; P.L. 1976, ch. 277, § 8.