(a)  The acquiring authority, with the approval of the state properties committee, is authorized and empowered to rent or lease for a period not exceeding ten (10) years with an option for one renewal for a further period of ten (10) years any land or other real property acquired by purchase, devise, or gift as may not for the time be required for public use in such manner and upon such terms and conditions as may, in the judgment of the state purchasing agent, be most advantageous to the public interest. Provided, however, that with the approval of the state properties committee, the Rhode Island board of governors for higher education may enter into ground leases for real property owned by the board for a period not exceeding ninety-nine (99) years with four (4) options for renewal for a further period of ninety-nine (99) years each for educational and other purposes consistent with the mission of the institution. The acquiring authority, with the approval of the state properties committee, is hereby authorized and empowered to sell land or property in whole, or in part, in such manner and upon such terms and conditions as may in the judgment of the state purchasing agent be most advantageous to the public interest, and convey the land or property by proper deed or instrument; provided, however, that the acquiring authority shall first offer the land or property for sale to the city or town wherein the land or property is situated at the fair market value of the property. A first right to purchase the land or property shall be conclusively presumed to have been waived in the event a written offer to sell the land or property, containing the terms of the offer, shall have been sent by registered or certified mail to the city or town clerk, as the case may be, wherein the land and property are situated and the offer shall not have been accepted within thirty (30) days from the date of the mailing. In the event that the city or town wherein the land or property is situated shall refuse to buy the property or land or waive its right to the first option to purchase, then, in that event the acquiring authority shall be at liberty to sell the land or property to the highest bidder at public sale after advertising the time, place, and conditions of the sale at least once a week for at least three (3) weeks preceding the sale in at least one newspaper published in the county in which the land or property is situated. The acquiring authority may at any time, with the approval of the governor, after notice to the state properties committee, permit the use of any land or property to the government of the United States or to any town or city within the state of Rhode Island, and may, if the governor declares the necessity therefor by reason of any emergency, allow the temporary use of the land or property to any person, persons, association, or corporation.

lawyer at desk

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

Terms Used In Rhode Island General Laws 37-7-5

  • 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.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Devise: To gift property by will.
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • 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
  • person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • town: may be construed to include city; the words "town council" include city council; the words "town clerk" include city clerk; the words "ward clerk" include clerk of election district; the words "town treasurer" include city treasurer; and the words "town sergeant" include city sergeant. See Rhode Island General Laws 43-3-9
  • United States: include the several states and the territories of the United States. See Rhode Island General Laws 43-3-8

(b)  The acquiring authority is hereby authorized to execute proper deeds and other instruments of conveyance and demise for land or other real property sold or leased which deeds and instruments shall in each case be approved as to substance by the director of administration and as to form by the attorney general.

History of Section.
P.L. 1953, ch. 3105, § 18; G.L. 1956, § 37-7-5; P.L. 1966, ch. 203, § 1; P.L. 2002, ch. 57, § 1.