SECTION 1.
(a) (1) Notwithstanding any other provision of law, until January 1, 2010, the Director of General Services, with the approval of the Adjutant General, may complete a lease to the City of Lynwood at fair market value and for a period of five years, state-owned property comprising approximately 1.03 acres, including, but not limited to, a building consisting of approximately 10,664 square feet, located at 11398 Bullis Road, Lynwood, Los Angeles County, known as the Lynwood Armory.(2) After completion of the term of the initial five-year lease, the Director of General Services, with the approval of the Adjutant General, may renew the lease or enter into other lease agreements at fair market value of the Lynwood Armory. The term of the leases authorized by this paragraph, separately or cumulatively, shall not exceed 25 years.
(b) (1) The City of Lynwood shall submit any proposals for improvements, including, but not limited to, modifications and refurbishments of the Lynwood Armory, to the Director of General Services and the Military Department for review and approval.
(2) The City of Lynwood may receive a reduction in the amount of the annual lease payment, upon completion of any improvement approved pursuant to paragraph (1), not to exceed the actual cost of the improvement as determined by the Military Department.
(c) Notwithstanding subdivision (g) of Section 11011 of the Government Code, the proceeds of the lease shall be deposited into the Armory Fund pursuant to subdivision (b) of Section 435 of the Military and Veterans Code.
(d) The City of Lynwood shall reimburse the Department of General Services for its actual costs in drafting, negotiating, and executing the lease documents pursuant to this section.