§171-135 Joint venture or development agreement. An industrial park may be developed under section 171-134 by the department in partnership or under a development agreement with a federal agency, county, or private party subject to a partnership or development agreement executed by the chairperson of the board. At a minimum, the agreement shall provide for:

(1) A determination by the board that the partnership agreement or the development agreement is for a public purpose;

(2) Long-term assurance that the public land within the industrial park will be utilized for industrial uses;

(3) Final approval by the board of the plans and specifications for the industrial park;

(4) Exclusive authority by the board to issue leases or master leases within the industrial park; and

(5) Conditions to ensure a public benefit from any state funds expended for the industrial park. [L 1988, c 361, pt of §1; am L 1991, c 173, §2]