SDCL § 1-33-9.2: Long-term lease--Definitions.

Terms used in § 1-33-9.3 mean:

(1) "Base rent," the amount paid by the state to a party for the use of real property pursuant to the terms of a written lease. "Base rent" does not include expenses or lease charges for taxes, insurance, utilities, maintenance, repairs, common area charges, and improvements; and

(2) "Long-term lease," any proposed real property lease by the state where the initial term of the lease exceeds a commitment of fifteen years and the base rent due during the initial term either exceeds $5,000,000 in total for the rental payments due during the term of the lease or $50,000 per month during the term of the lease.