STATE OF NEW HAMPSHIRE
SENATE
REPORT OF THE COMMITTEE
FOR THE CONSENT CALENDAR
Wednesday, April 30, 2025
THE COMMITTEE ON Commerce
to which was referred HB 694-FN
AN ACT requiring leases of land, buildings, or space by state agencies to be at fair market value.
Having considered the same, the committee recommends that the Bill
OUGHT TO PASS
BY A VOTE OF: 6-0
Senator Tara Reardon
For the Committee
This bill would require that properties leased by state agencies are leased at a rate which would be considered a fair market rate, unless a sub-market rate is agreed to by the property owner. Often, the state forces terms on entities when they lease properties. Consequently, costs are shifted onto local taxpayers because the amount of the renewed lease does not cover the real cost of the property. This bill would only apply to lease renewals to help recalibrate lease payments if there is inflation or other emerging factors. In addition to the baseline cost of a building, the utilities and custodial services could be negotiated as well.
Aaron Jones 271-2609
FOR THE CONSENT CALENDAR
Commerce
HB 694-FN, requiring leases of land, buildings, or space by state agencies to be at fair market value.
Ought to Pass, Vote 6-0.
Senator Tara Reardon for the committee.
This bill would require that property leased by state agencies are leased at a rate which would be considered a fair market rate, unless a sub-market rate is agreed to by the property owner. Often, the state forces terms on entities when they lease properties. Consequently, costs are shifted onto local taxpayers because the amount of the renewed lease does not cover the real cost of the property. This bill would only apply to lease renewals to help recalibrate lease payments if there is inflation or other emerging factors. In addition to the baseline cost of a building, the utilities and custodial services could be negotiated as well.