Equestrian facility authorized for South Dakota State University.
The Board of Regents shall select a site for equestrian facilities including
approximately fifty-seven thousand square feet of buildings, ninety-five thousand square feet of
site improvements, and approximately fifteen acres of pasture development from within the lands
acquired pursuant to section 3, chapter 96, of the 2001 Session Laws. The board shall lease that
site, together with such portions of surrounding grounds as may be needed for construction
purposes, to the South Dakota State University Foundation to permit the foundation to construct
the structures to house the equestrian facilities.
In consideration for the lease authorized in section 1 of this Act, the foundation shall
construct the project in accordance with the requirements of chapters 5-14 and 5-18 just as though
the structures and improvements comprising the equestrian facilities were constructed by the Board
of Regents. However, the foundation shall enter into all contracts for the construction of the facility
and make all payments therefor, once the payments have been duly authorized by the Bureau of
Administration and the executive director of the Board of Regents.
The term of the lease authorized in section 1 of this Act may not exceed the time
required for site preparation and construction through project acceptance plus ten years from the
date of acceptance.
The Board of Regents shall lease the equestrian facilities constructed pursuant to this
Act from the foundation for a period of ten years from the date of acceptance at an annual lease
payment of one hundred sixty-five thousand dollars.
The South Dakota State University Foundation shall maintain and repair the
equestrian facilities during the term of the leaseback.
Upon termination of the lease and leaseback authorized by the Act, the foundation
shall donate the facility and all right or interest that it may have in the equestrian facilities to the
Board of Regents, on behalf of the State of South Dakota, for the use and benefit of South Dakota
State University and the Board of Regents may accept the equestrian facilities on behalf of the
State of South Dakota, for the use and benefit of South Dakota State University.
Section 7. No general fund dollars may be used for the maintenance and repair or lease payments of the facility authorized by this Act.