The Office of Financial Management (OFM) is required by statute to authorize large leased facilities agreements through the approval of the lease. This includes leases for new space, expansions, relocation, and renewals that include any of the following:
- Leases greater than 10 years and less than 20 years – RCW 43.82.010 (3).
- Leases for over $1 million annually – RCW 43.82.035.
- Leases for privately owned buildings that are in the planning stage of development or under construction – RCW 43.82.045.
This Quick Reference Tool for Lease Approvals is provided to clarify the required documentation and process for the approval of leases.