MISSISSIPPI LEGISLATURE
2007 Regular Session
To: Public Property
By: Representative Weathersby
AN ACT TO AMEND SECTION 55-23-8, MISSISSIPPI CODE OF 1972, TO ALLOW EXISTING LEASES ON ALL OR ANY PART OF THE MISSISSIPPI VETERANS MEMORIAL STADIUM PROPERTY TO BE CONVERTED, AT THE OPTION OF THE LESSEE, TO 50-YEAR LEASES; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. Section 55-23-8, Mississippi Code of 1972, is amended as follows:
55-23-8. (1) The Mississippi Veterans Memorial Stadium Commission, subject to the provisions of subsection (11), and is authorized to enter into one or more lease agreements with one or more public or private entities in regard to the granting of a property interest to such public or private entities in all or any part of the real property located in Hinds County, Mississippi, generally known as the "Mississippi Veterans Memorial Stadium Property," being any property under the jurisdiction of the Mississippi Veterans Memorial Stadium Commission and any other state-owned property located in the area bounded on the North by Taylor Street, on the West by North West Street, on the South by Woodrow Wilson Avenue and on the East by North State Street used as part of or in connection with Mississippi Veterans Memorial Stadium, for the purpose of the construction of improvements thereon.
(2) (a) Any lease authorized in this section may be for such consideration as determined appropriate by the Mississippi Veterans Memorial Stadium Commission and may be for a primary term not to exceed twenty-five (25) years and may be renewed for a term not to exceed twenty-five (25) years.
(b) The term of any lease authorized under this section may be renewed for an additional fifty (50) years; provided, however, that any renewal shall have the terms of the original lease adjusted upon such renewal and every five (5) years thereafter. The terms of said adjustments shall be such as to reflect the then fair market value of the property lease and of the lease at each time of adjustment.
(c) Any lease renewal and adjustment must be approved by the Vice Chancellor of Health Affairs at UMMC as well as the Department of Finance and Administration, in consultation with the Mississippi Development Authority. All funds received from any lease authorized in paragraph (b) of this subsection shall be credited to the Mississippi Veterans Memorial Stadium Commission to the extent that such funds shall not exceed the amount received on and before June 30, 2007. Any amount received above said amount shall be credited to the University of Mississippi Medical Center. In the event the stadium is transferred to the UMMC and/or is demolished, then all funds received shall be credited to the UMMC.
(3) In and for the consideration to be provided under any lease, the Mississippi Veterans Memorial Stadium Commission, in its discretion, is authorized to, on such terms and conditions determined to be appropriate by the Mississippi Veterans Memorial Stadium Commission: (a) enter into agreements with any such lessee or lessees (or any designee of any such lessee or lessees), which agreements may extend over any period of time not exceeding the term of such lease (including renewals and extensions) permitting use of any property referred to in subsection (1) of this section for parking, access and other uses in connection with events in facilities constructed on property leased from the Mississippi Veterans Memorial Stadium Commission; (b) grant, as part of and for the term of any lease, to any lessee or lessees (or any designee of any such lessee or lessees), one or more easements with respect to all or any part of the property referred to in subsection (1) of this section 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 improvements; (c) enter into agreements with any such lessee or lessees (or any designee of any such lessee or lessees), which agreements may extend over any period of time not exceeding the term of such lease (including renewals and extensions), permitting use by such lessee or lessees (or any designee of any such lessee or lessees) of Mississippi Veterans Memorial Stadium for events; (d) enter into agreements with any such lessee or lessees (or any designee of any such lessee or lessees), which agreements may extend over any period of time not exceeding the term of such lease (including renewals and extensions), pursuant to which the state shall be obligated to purchase improvements constructed on such property and/or any residual rights in connection with such improvements upon terms and for a purchase price, not to exceed Ten Million Dollars ($10,000,000.00), as set forth in or determined in accordance with such agreement; (e) enter into agreements with any such lessee or lessees (or any designee of any such lessee or lessees) providing that such lessee or lessees (or any designee of any such lessee or lessees) shall indemnify and hold harmless the Mississippi Veterans Memorial Stadium Commission for any personal injury or property damage related to events conducted on property leased from the Mississippi Veterans Memorial Stadium Commission; and/or (f) enter into such other agreements with any such lessee or lessees (or any designee of any such lessee or lessees) or any other public or private entities, which agreements may extend over any period of time not exceeding the term of such lease (including renewals and extensions), relating to any such lease and any improvements to be constructed on property leased from the Mississippi Veterans Memorial Stadium Commission as the Mississippi Veterans Memorial Stadium Commission shall determine to be appropriate. However, the State of Mississippi shall not be obligated to purchase any improvements constructed on property leased under this section and/or any residual rights in connection with such improvements unless the construction of all such improvements on the property is complete. The Department of Finance and Administration, acting through the Bureau of Building, Grounds and Real Property Management shall make the determination regarding whether the construction of the improvements is complete.
(4) Any public body shall be authorized to enter into: (a) agreements (which may extend over any period of time) with the Mississippi Veterans Memorial Stadium Commission, any public body, any party leasing property from the Mississippi Veterans Memorial Stadium Commission (or any designee or designees of any such lessee), and/or any other party to provide or contribute funds in connection with the construction, financing and/or operation of any improvements constructed on property leased from the Mississippi Veterans Memorial Stadium Commission, and any such agreement or agreements and the obligations of any public body thereunder shall not be included in computing amounts subject to any debt limitations applicable to any such public body; and/or (b) agreements (which may extend over any period of time) to lease property from the Mississippi Veterans Memorial Stadium Commission and to provide or contribute funds in connection with the construction, financing and/or operation of any improvements constructed on such property and to lease or sublease any such property or improvements to public or private entities, and any such agreement or agreements shall not be included in computing amounts subject to any debt limitations applicable to any such public body.
(5) The Mississippi Veterans Memorial Stadium Commission, in its discretion, is authorized to enter into all other agreements as may be necessary or appropriate in connection with any financing by any lessee or lessees (or any designee of any such lessee or lessees) of any improvements to be constructed on property leased from the Mississippi Veterans Memorial Stadium Commission.
(6) The provisions of any statutes establishing a role for the Department of Finance and Administration and the State Bond Commission in financing, construction and improvement of buildings on the Veterans Memorial Stadium property shall not apply to the financing, refinancing, construction, repair or improvement of any improvements on any property leased pursuant to this section.
(7) Before entering into any lease or other agreement with any private entity under this section, the Mississippi Veterans Memorial Stadium Commission shall require such entity to enter into a binding commitment providing that if the private entity fails to complete the construction of all improvements commenced by the entity on property leased under this section, such entity shall reimburse the State of Mississippi for costs incurred by the state relating to the improvements. The Department of Finance and Administration, acting through the Bureau of Building, Grounds and Real Property Management shall make the determination regarding whether the construction of the improvements is complete.
(8) Any lease or other agreement entered into by the Mississippi Veterans Memorial Stadium Commission under this section shall not be valid unless approved by the Department of Finance and Administration, the Public Procurement Review Board and the Attorney General.
(9) Except as otherwise provided in subsection (2), the Mississippi Veterans Memorial Stadium Commission may not enter into any lease or other agreement under this section after October 1, 2001.
(10) Any lessee or lessees (or any designee of any such lessee or lessees) of property leased from the Mississippi Veterans Memorial Stadium Commission under this section shall not be considered as being the state, any political subdivision of the state or any officer or servant of the state for the purposes of any liability that may be waived under Section 11-46-1 et seq.
(11) There is created an advisory committee to the Mississippi Development Authority for the lease of the property described in subsection (1), which shall be composed of the following members:
(a) The respective Chairmen of the Public Property Committees of the House of Representatives and the Senate;
(b) One (1) member of the House of Representatives who resides in Hinds County, to be appointed by the Speaker of the House; and
(c) One (1) member of the Senate who resides in Hinds County, to be appointed by the Lieutenant Governor.
Before selecting the private developer to which to lease the property described in subsection (1), and while negotiating the terms of the lease with the private developer that has been selected, the Mississippi Development Authority shall consult with the advisory committee and consider any suggestions and recommendations made by the advisory committee regarding the lease of the property.
SECTION 2. This act shall take effect and be in force from and after July 1, 2007.