1. Except as otherwise provided in this section, if an agreement pursuant to NRS 353.500 to 353.630 , inclusive, involves an improvement to property owned by the State of Nevada or the state agency, the State Land Registrar, in consultation with the State Treasurer and in conjunction with the agreement, upon approval of the State Board of Examiners, may enter into a lease of the property to which the improvement will be made if the lease: (a) Has a term of 35 years or less; and (b) Provides for rental payments that approximate the fair market rental of the property before the improvement is made, as determined by the State Land Registrar in consultation with the State Treasurer at the time the lease is entered into, which must be paid if the agreement terminates before the expiration of the lease because the Legislature fails to appropriate money for payments due pursuant to the agreement. 2. A lease entered into pursuant to this section may provide for nominal rental payments to be paid pursuant to the lease before the agreement terminates. 3. Before the State Land Registrar may enter into a lease pursuant to this section: (a) The State Land Registrar must submit the proposed lease to the Chief, the Director of the Department of Administration and the State Treasurer for their review and transmittal to the Board; and (b) The Board must approve the lease.
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