The real and personal property acquired for or comprising a project and the construction of the project are either subject to or exempt from ad valorem, sales, use, and franchise taxes, and subject to or exempt from zoning, planning, and building regulations and fees, to the same extent and in the same manner as if the college had acquired, constructed, and equipped the project and owns it. For purposes of the property tax exemption provision of Section 5709.07 and 5709.12 of the Revised Code, the property is deemed to be the property of and to be connected with the educational institution and not as being a leasehold estate nor as being used with a view to profit by reason of the lease from the Commission or by reason of charges made for or the rental or other payments to the Commission. The project must be constructed in accordance with all applicable building and zoning requirements. Both the institution and the Commission must be assured that the useful life of the building is at least equivalent to the life of the bond issue.
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