House Bill 1186

AN ACT TO AUTHORIZE THE DEPARTMENT OF FINANCE AND ADMINISTRATION TO LEASE FOR A CERTAIN NUMBER OF YEARS THE PROPERTY, FORMERLY KNOWN AS THE "OLD SCHOOL FOR THE BLIND," LOCATED NORTH OF EASTOVER DRIVE IN THE CITY OF JACKSON, HINDS COUNTY, MISSISSIPPI; TO REQUIRE THE PROPERTY TO BE LEASED FOR PRIVATE REDEVELOPMENT RESULTING IN THE HIGHEST AND BEST USE AS DETERMINED BY THE DEPARTMENT OF FINANCE AND ADMINISTRATION; AND FOR RELATED PURPOSES.

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

SECTION 1. (1) The Department of Finance and Administration is hereby authorized to lease for a period not to exceed sixty (60) years with an option to renew not to exceed twenty (20) years all of the land, formerly known as the "Old School for the Blind," located north of Eastover Drive in the City of Jackson, Hinds County, Mississippi, and more particularly described as follows:

Starting at a concrete monument that is the SE corner of the SW 1/4 of the SW 1/4 of Section 24, T6N, R1E in the First Judicial District, Hinds County, Mississippi, run thence N 00°-01' E along the line between the E 1/2 and the W 1/2 of the SW 1/4 of Section 24, T6N, R1E for a distance of 194.40 feet to a point on the north line of Eastover Drive, as said drive is now laid out and improved, the point of beginning.

Run thence N 56°-46' W along said north line of said Eastover Drive for a distance of 3.02 feet to the P.C. of a curve to the left with a radius (chord) of 5769.65 feet (angle of curve was omitted, 04°-00'-0r"); Run thence along said curve and said north line of Eastover Drive for a distance of 402.91 feet to the P.T. of said curve; Run thence N 60°-46' W along said north line of said Eastover Drive for a distance of 684.92 feet to a point on the east right-of-way line of U.S. Highway No. 51, as said highway is now laid out and improved, Run thence N 29°-14' E along said east right-of-way line of U.S. Highway No. 51 for a distance of 1422.24 feet to a point; Run thence N 87°-06' E for a distance of 251.28 feet to a point on the line between the E 1/2 and the W 1/2 of the SW 1/4 of Section 24, T6N, R1E, and also being a point on the south line of share 1 of the Mosal partition; Run thence S 00°-01' W along said line between the E 1/2 and the W 1/2 of the SW 1/4 of Section 24, T6N, R1E for a distance of 1796.17 feet to the point of beginning.

All the above described land being situated in the W 1/2 of the SW 1/4 of Section 24, T6N, R1E in the First Judicial District of Hinds County, Mississippi, and being wholly within the corporate limits of the City of Jackson and containing 22.822 acres.

(2) The property described in subsection (1) shall be leased for private redevelopment to result in the highest and best use as determined by the Department of Finance and Administration. It is the intent of the Legislature that such property will be leased to a private developer for the benefit of creating value while also preserving the local environment, promoting growth in the area and generating a constant revenue stream for the State of Mississippi. The Department of Finance and Administration is authorized to make such terms and agreements as may be reasonably necessary to effect such intent, and to ensure a fair and equitable return to the state.

(3) The lessee of the property described in subsection (1) shall be allowed to sublease all or a portion of such property subject to the terms and conditions agreed to by the Department of Finance and Administration.

(4) All lease and rental monies from the lease authorized in this section shall be deposited into the State General Fund.

(5) Oil, gas and mineral rights in the property described in subsection (1) shall be reserved to the State of Mississippi.

(6) Nothing in this section shall be construed to authorize the sale or transfer of title to the property described in subsection (1).

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