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The state Board of Finance on Wednesday approved its second lease-purchase construction project - this time for the Legislative Counsel Bureau.
The project will be built on the corner of Fifth and Stewart streets next to the state printing office, which is managed by LCB.
The lease-purchase system allows the state to have a contractor build a structure for the state. The state then enters an agreement, paying off the building over a 20- to 30-year period much the same way the average family buys a house.
Gov. Kenny Guinn and Treasurer Brian Krolicki have promoted the system as a way around the huge initial expense of building new state office and other buildings, at the same time reducing over the long term the state's need for rented space.
LCB Director Lorne Malkiewich said the building will primarily be warehouse space for state printing and other counsel bureau materials.
But it will contain some office space and a room set up for training purposes. It will have a total of 30,000 square feet of usable space.
Legislative Counsel Brenda Erdoes said the total cost of the project will be $5.8 million including financing and insurance. She said the annual payments on the building, which should be under construction by next spring, will be about $400,000.
At the end of the 27 year lease, the state will own the building.
They said part of the price will pay to remodel the existing printing office so the two structures look compatible with the nearby Supreme Court and Legislature.
And, they said, the warehouse will be constructed to look more like an office building than a warehouse so that, if necessary, it can be converted to office space in the future.
The first lease-purchase project constructed by the state was the Richard Bryan Building just south of the Carson City Fire Department on Stewart. The Bryan Building now houses the Department of Conservation and Natural Resources.
Guinn said he believes the lease-purchase system will be used much more frequently in the future - by the university system as well as the state executive and legislative branches.
• Contact reporter Geoff Dornan at gdornan@nevadaappeal.com or 687-8750.
The project will be built on the corner of Fifth and Stewart streets next to the state printing office, which is managed by LCB.
The lease-purchase system allows the state to have a contractor build a structure for the state. The state then enters an agreement, paying off the building over a 20- to 30-year period much the same way the average family buys a house.
Gov. Kenny Guinn and Treasurer Brian Krolicki have promoted the system as a way around the huge initial expense of building new state office and other buildings, at the same time reducing over the long term the state's need for rented space.
LCB Director Lorne Malkiewich said the building will primarily be warehouse space for state printing and other counsel bureau materials.
But it will contain some office space and a room set up for training purposes. It will have a total of 30,000 square feet of usable space.
Legislative Counsel Brenda Erdoes said the total cost of the project will be $5.8 million including financing and insurance. She said the annual payments on the building, which should be under construction by next spring, will be about $400,000.
At the end of the 27 year lease, the state will own the building.
They said part of the price will pay to remodel the existing printing office so the two structures look compatible with the nearby Supreme Court and Legislature.
And, they said, the warehouse will be constructed to look more like an office building than a warehouse so that, if necessary, it can be converted to office space in the future.
The first lease-purchase project constructed by the state was the Richard Bryan Building just south of the Carson City Fire Department on Stewart. The Bryan Building now houses the Department of Conservation and Natural Resources.
Guinn said he believes the lease-purchase system will be used much more frequently in the future - by the university system as well as the state executive and legislative branches.
• Contact reporter Geoff Dornan at gdornan@nevadaappeal.com or 687-8750.
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