State institutions may work with local communities and stakeholders to develop proposed property or institution alternative use plans, including partnerships with private industry and not-for-profit organizations, to be reviewed by the office of management and budget. In accordance with the provisions of the community and institution approved plan, the office of management and budget shall introduce any statutory and constitutional changes necessary to implement the plan and request funding for the grant under this section for consideration by the legislative assembly. Subject to approval of all necessary statutory and constitutional changes and necessary legislative appropriations, the office of management and budget shall provide a grant up to the present value of the total estimated savings to the state for the next ten years resulting from converting the property or institution to an alternative use. The office of management and budget shall consider the estimated cost to the state of continuing to provide the service of the institution or property to state residents when calculating the estimated savings to the state. The office of management and budget shall use the rate of interest earned on state funds deposited at the Bank of North Dakota for calculating the present value of the estimated savings to the state. The grant is to assist the institution and community in the transition to an alternative use.

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