MISSISSIPPI LEGISLATURE

2000 Regular Session

To: Public Property; Finance

By: Senator(s) Horhn, Frazier, Michel, Harden, White (29th), Johnson (19th), Simmons, Walls, Little, Williamson, Ross, Burton, Dawkins, Harvey

Senate Bill 3169

(As Passed the Senate)

AN ACT TO AUTHORIZE THE MISSISSIPPI FAIR COMMISSION TO LEASE CERTAIN STATE-OWNED REAL PROPERTY TO A PRIVATE COMPANY FOR THE PURPOSE OF THE CONSTRUCTION OF A MULTIPURPOSE SPORTS ARENA; AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. (1) The Mississippi Fair Commission, acting through the Department of Finance and Administration, in its discretion, is authorized to enter into a lease agreement with Mississippi Indoor Sports, LLC, a Mississippi limited liability company, or its designee, in regard to the granting of a property interest to Mississippi Indoor Sports, LLC, a Mississippi limited liability company, or its designee, in the following described state-owned real property located in Hinds County, Mississippi, for the purpose of the construction of a multipurpose sports arena:

A parcel of land consisting of approximately four (4.0) acres located in what is commonly known as the "Mississippi State Fairgrounds," the Mississippi State Fairgrounds being located in the Southwest Quarter of Section 2 and the Southeast Quarter of Section 3, Township 5 North, Range 1 East, First Judicial District of Hinds County, Mississippi.

(2) The lease authorized in this section, may be for such consideration as determined appropriate by the Mississippi Fair Commission, acting through the Department of Finance and Administration, and may be for a term not to exceed fifty (50) years.

(3) In and for the consideration to be provided under the lease, the Mississippi Fair Commission, acting through the Department of Finance and Administration, in its discretion, is authorized to grant, as part of and for the term of the lease, to Mississippi Indoor Sports, LLC, a Mississippi limited liability company, or its designee, one (1) or more easements for vehicle and pedestrian ingress and egress, for vehicle parking and for such other purposes necessary and appropriate for the construction, operation and use of the multipurpose sports arena, all on such terms and conditions as determined to be appropriate by the Mississippi Fair Commission, acting through the Department of Finance and Administration, and on and over the following described state-owned real property located in Hinds County, Mississippi:

The land commonly known as the "Mississippi State Fairgrounds," the Mississippi State Fairgrounds being located in the Southwest Quarter of Section 2 and the Southeast Quarter of Section 3, Township 5 North, Range 1 East, First Judicial District of Hinds County, Mississippi.

(4) The Mississippi Fair Commission, acting through the Department of Finance and Administration, is hereby further authorized, in its discretion, to enter into all other agreements as may be necessary or appropriate in connection with any financing by Mississippi Indoor Sports, LLC, a Mississippi limited liability company, or its designee, of the multipurpose sports arena.

(5) The provisions of Sections 69-5-11 through 69-5-27, concerning the role of the State Building Commission and the State Bond Commission in financing, construction and improvement of buildings on the state fairgrounds, shall not apply to the financing, refinancing, construction, repair or improvement of the multipurpose sports arena.

SECTION 2. This act shall take effect and be in force from and after its passage.