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Senate committee approves WSTA lease, holds three Subbase redevelopment leases pending more documentation
Summary
The committee approved a 20‑year lease for WSTA/PEO Productions at Subbase (Bill 36‑0089) and held three larger redevelopment leases (Bills 36‑0199, 36‑0204, 36‑0205) for further review; Property & Procurement outlined staged rent abatements, CPI adjustments and revenue‑share terms tied to lessee investment and subtenant income.
The Committee on Budget, Appropriations and Finance considered four government lease bills on Nov. 17 seeking to return underused Subbase and Crown Bay parcels to productive use.
On behalf of the governor, Senate President Milton E. Potter presented the four bills. Assistant Commissioner Vincent Richards of the Department of Property and Procurement described the structure common to the packages: multi‑decade initial terms (20–30 years), rent abatement during permitting and construction, annual CPI adjustments and an escalator that provides the government a share (up to roughly 30%) of base rent collected from subtenants. DPP said the approach aims to attract private capital for large‑scale rehabilitation of…
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