Senate Bill 2340

AN ACT TO AUTHORIZE THE DEPARTMENT OF FINANCE AND ADMINISTRATION TO SELL AND CONVEY OR LEASE CERTAIN PROPERTY LOCATED AT 1900 EAST WOODROW WILSON AVENUE IN JACKSON, MISSISSIPPI, ON BEHALF OF THE DEPARTMENT OF PUBLIC SAFETY; TO REQUIRE MONIES DERIVED FROM THE SALE OR LEASE OF THAT PROPERTY TO BE DEPOSITED INTO A SPECIAL FUND IN THE STATE TREASURY; TO PROVIDE THAT THE STATE SHALL RETAIN THE RIGHT TO REPURCHASE THE REAL PROPERTY OR TERMINATE THE LEASE IF CERTAIN CONDITIONS OCCUR; TO PROVIDE THAT THE STATE SHALL RETAIN ALL MINERAL RIGHTS TO THE REAL PROPERTY SOLD OR LEASED UNDER THIS ACT; TO REQUIRE THE DEPARTMENT OF FINANCE AND ADMINISTRATION TO REVIEW AND CONSIDER ALL PROPOSALS FOR THE PURCHASE OR LEASE OF THE PROPERTY USING CERTAIN REVIEWING FACTORS; TO ALLOW THE DEPARTMENT OF FINANCE AND ADMINISTRATION TO CORRECT ANY DISCREPANCIES IN THE LEGAL DESCRIPTION OF THE PROPERTY; AND FOR RELATED PURPOSES.

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

SECTION 1. (1) The Department of Finance and Administration, acting on behalf of the Mississippi Department of Public Safety, may sell and convey or lease certain state-owned real property used by and for the benefit of the Highway Safety Patrol as its headquarters facility in Jackson, Mississippi, provided that the sale and conveyance or lease is subject to the conditions authorized in this section. The property being more particularly described as follows:

A parcel of land and all the improvements located thereon, situated at 1900 East Woodrow Wilson Avenue in the City of Jackson, Hinds County, Mississippi, near the intersection of Interstate 55 and Woodrow Wilson Avenue, and containing 10.17 acres more or less:

BEGINNING W/S HWY 51 1728.43 FT SOUTH OF LAKELAND DR; THENCE WEST 600 FT SOUTH 785.51 FT EASTERLY, NORTHEASTERLY & NORTHWESTERLY ALONG HWY TO POINT OF BEGINNING IN SOUTH 1/2 SOUTHEAST 1/4 OF SECTION 26, TOWNSHIP 6, RANGE 1 EAST.

(2) The real property and improvements thereon, described in subsection (1) of this section, shall, if sold, be sold for not less than the current fair market value as determined by the average of at least two (2) appraisals by qualified appraisers, who shall be selected by the Department of Finance and Administration and shall be certified and licensed by the Mississippi Real Estate Appraisal Board. If the real property and the improvements thereon, described in subsection (1) of this section, are leased, the Department of Finance and Administration is authorized to negotiate all aspects of any lease and any terms and ancillary agreements pertaining to any lease as may be reasonably necessary to effectuate the intent and purposes of this section and to ensure a fair and equitable return to the state.

(3) All monies derived from the sale or lease of the property authorized in this section shall be deposited into a special fund, to be designated as the Department of Public Safety Trust Fund, which is created in the State Treasury. Monies in the special fund shall be disbursed by the Department of Finance and Administration for the sole benefit of the Department of Public Safety. Unexpended amounts remaining in the special fund at the end of the fiscal year shall not lapse in the State General Fund, and any interest earned on the amounts in the special fund shall be deposited to the credit of the special fund.

(4) (a) The property described herein shall be sold or leased to result in the highest and best use of the property.

(b) It is the intent of the Legislature that the property will be sold or leased for the benefit of creating value while also preserving the local environment and promoting growth in the area.

(5) The Department of Finance and Administration shall review and consider all proposals for purchase or lease of the property described in subsection (1) of this section in light of all factors which the department deems relevant, including, but not limited to, the following:

(a) The proposed purchase price of the property or rental payments, as applicable;

(b) The proposed use or uses of the property;

(c) The cost, scope and scale of any proposed development and the amount of the investment to be made by the proposed purchaser or lessee of the property;

(d) The projected impact of any proposed development on the City of Jackson and the State of Mississippi, including anticipated or projected tax revenue to be generated as a result; and

(e) The projected timetable for any development.

(6) The State of Mississippi retains the exclusive right to repurchase the property, if the property is sold under this act, or to terminate the lease of the property, if the property is leased under this act, if the purchaser or lessee, as applicable, has not completed construction of more than fifty thousand (50,000) square feet of improvements on the property consistent with purposes as set forth in this section before December 31 of the tenth year after the date of the sale or lease of the property. If any of the conditions stated within this subsection occur within ten (10) years of the authorized sale or conveyance or lease of the property described in subsection (1) of this section, the state may exercise its right to repurchase or terminate the lease, which right shall be exercised within twelve (12) months of the expiration of the above referenced ten-year period. The repurchase price for the property described in subsection (1) of this section and the improvements thereon shall be the fair market value at the time of repurchase as determined by the average of at least two (2) appraisals by qualified appraisers, who shall be selected by the Department of Finance and Administration and shall be certified and licensed by the Mississippi Real Estate Appraisal Board.

(7) The State of Mississippi shall retain all oil, gas and mineral rights to the property sold or leased under this section.

(8) The Department of Finance and Administration may correct any discrepancies in the legal description provided in subsection (1) of this section.

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