Brcc Facilities Corporation

The exempt purpose of the corporation is to construct a number of buildings with academic facilities and offices for the baton rouge community college (brcc). The corporation presently leases real property located in baton rouge, louisiana from the louisiana community and technical college system (lctcs), a state institution, and has constructed facilities and will construct additional facilities to house the campus of brcc, a state community college operated by the lctcs. The construction was financed through a bond issue by the louisiana local government environment facilities and community development authority (lcda). The facilities are leased to lctcs under a net lease with an option to purchase the facilities of brcc. The lease payments from the lease will be used to repay the bond financing. The funds for lctcs to pay the lease payments will be appropriated by the state of louisiana under a cooperative endeavor agreement.