7745042.2-1155Virginia Decodedhttps://vacode.org2016Administration Of GovernmentOrganization Of State GovernmentState Agencies Related To The General Operation Of GovernmentDepartment Of General ServicesDivision Of Engineering And BuildingsTemporary transfer of use of property between state agencies and institutions; lease to private entities1971, Ex. Sess., c. 239, § 2.1-106.6:1; 1977, c. 672, § 2.1-511; 1981, c. 112; 1984, c. 641; 1988, c. 57; 1990, cc. 53, 688; 1992, c. 331; 2001, c. 844.http://law.lis.virginia.gov/vacode/2.2-1155/58.1-3203Taxation of certain leasehold interests; concessions/58.1-3203/58.1-3502Tangible personal property leased, loaned, or otherwise made available to a private party from agency of federal, state or local government/58.1-3502//2.2-1155/2.2/I/C/11/4/2.2-115557-5Whenever any department, agency, or institution of state government possesses or has under its control property for which there is an anticipated future use, but for which there is no immediate use, the department, agency, or institution of the Commonwealth may effect, subject to the written recommendation of the Department to the Governor and the written approval by the Governor, an agreement in writing with any other department, agency, or institution of state government for the use of the property by the other department, agency, or institution during a period not to exceed fifteen years. The agreement may be extended beyond the fifteen-year period on an annual basis in accordance with the procedures prescribed in this subsection. In the event no other department, agency, or institution of state government has use for the property, the department, agency, or institution may lease the property to private individuals, firms, corporations or other entities in accordance with the procedures and subject to the term limitations prescribed in this subsection.sectionAA1The provisions of subsection A notwithstanding, public institutions of higher education in Virginia, subject to the approval of the General Assembly, may enter into written agreements with university-related foundations, private individuals, firms, corporations, or other entities to lease property in the possession or control of the institution. Any such agreement and proposed development or use of property shall (i) be for a purpose consistent with the educational and general mission, auxiliary enterprises, and sponsored program activities of the institution, or such other purpose as the General Assembly may authorize, and (ii) comply with guidelines adopted by the Department. The term of any agreement shall be based upon, among other things, the useful life of the improvements to the property and shall not exceed fifty years; however, any agreement may be extended upon the written recommendation of the GoversectionBB1