State of Vermont
Agency of Administration
Department of Buildings & General Services
Title: Rental Rates
Date of Issue: August 27, 1997
Supersedes: Initial Policy
Title 29, Section 160(b)(3) states that the Property Management Revolving fund shall consist of fees to be paid by departments and agencies which shall be fixed by the State Buildings Commissioner subject to the approval of the Secretary of Administration, based on rentals, janitorial services, supplies, and other expenses necessarily incurred in providing space for such agencies.
- For space leased from outside state government, the Department of Buildings and General Services shall charge agencies on an actual cost basis for rent, recording, and all associated expenses without markup.
- For state-owned space occupied by enterprise funds, internal service funds and special fund, the Department of Buildings & General Services shall charge a rental rate equaling the actual cost per square foot of each unit the prior fiscal year.
- For state-owned space occupied by non-state governmental entities, the Department of Buildings & General Services shall charge fair market value pursuant to the requirements of 29 VSA 165.
- The Vermont State Colleges shall be considered a State Governmental agency for the purposes of establishing rental rates.
- Recovery of renovation or fit-up costs may be added to any rental rates established hereunder. Current agreements with the Public Service Board, Public Service Department, Labor & Industry Department, CIT, and the Vermont State Colleges are the exceptions to this policy until expiration of those agreements.
Department Approval: Thomas W. Torti, Commissioner
Agency Approval Required: Kathleen C. Hoyt, Secretary