SECTION 1. Section 55-23-8, Mississippi Code of 1972, is amended as follows:

55-23-8. (1) The Department of Finance and Administration is authorized to renegotiate any lease agreements entered into before the effective date of Senate Bill No. 2745, 2007 Regular Session, 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 Department of Finance and Administration 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. The Department of Finance and Administration is authorized to cancel lease agreements on parcels of stadium property entered into before the effective date of Senate Bill No. 2745, 2007 Regular Session, and to execute a new lease on such parcels for a term not to exceed forty (40) years and renew for a term not to exceed ten (10) years.

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(2) In and for the consideration to be provided under any lease, the Department of Finance and Administration, in its discretion, is authorized to, on such terms and conditions determined to be appropriate by the Department of Finance and Administration: (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 Department of Finance and Administration; (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 Department of Finance and Administration for any personal injury or property damage related to events conducted on property leased from the Department of Finance and Administration; 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 Department of Finance and Administration as the Department of Finance and Administration 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.

(3) Any public body shall be authorized to enter into: (a) agreements (which may extend over any period of time) with the Department of Finance and Administration, any public body, any party leasing property from the Department of Finance and Administration (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 Department of Finance and Administration, 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 Department of Finance and Administration 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.

(4) The Department of Finance and Administration, 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 Department of Finance and Administration.

(5) 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.

(6) Before entering into any lease or other agreement with any private entity under this section, the Department of Finance and Administration 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.

(7) Any lease, renewal thereof, or other agreement entered into by the Department of Finance and Administration under this section shall not be valid unless approved by the * * * Public Procurement Review Board and the Attorney General, upon the active involvement and consultation with the University of Mississippi Medical Center, Jackson State University and the Department of Health.

(8) Except as otherwise provided in subsection (1), the Department of Finance and Administration may not enter into any lease or other agreement under this section * * *.

(9) Any lessee or lessees (or any designee of any such lessee or lessees) of property leased from the Department of Finance and Administration 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) It is the intent of the Legislature that from and after the effective date of Senate Bill No. 2745, 2007 Regular Session, the Mississippi Veterans Memorial Stadium Commission shall have no authority to lease the property described in subsection (1), and all authority previously provided to the commission in this section shall be transferred to the Department of Finance and Administration.

SECTION 2. It is the intent of the Legislature in Section 1 of this act that the Department of Finance and Administration may cancel the leases of Mississippi Veterans Memorial Stadium Property consisting of approximately five (5) acres with Madison Communities and approximately one (1) acre with Bridgeforth Rutledge. The Department of Finance and Administration is authorized to negotiate and execute a new lease on the combined properties for a term not to exceed forty (40) years and may renew for a term not to exceed ten (10) years. The combined properties will be developed as a mixed-use development consisting of commercial, residential and retail space, with an investment of not less than Fifty Million Dollars ($50,000,000.00). The development shall not in any manner detract from the operations of the University Medical Center, the Mississippi Veterans Memorial Stadium and the State Department of Health. The new lease shall contain a provision which provides the State of Mississippi the right to terminate the lease if development of the property has not commenced within three (3) years after execution date of the lease. The Department of Finance and Administration's authority to execute the new lease shall be contingent upon the renegotiation of the existing development agreement with the developer, whereby the developer agrees to a commission not to exceed forty percent (40%) of the lease income per year from the combined properties for the first twelve (12) years of the lease and not to exceed ten percent (10%) of the lease income per year from the combined properties thereafter through the end of the lease, and whereby the developer agrees to relinquish all of his rights to the remaining undeveloped property, approximately four (4) acres, bounded on the West by North West Street.

SECTION 3. (1) From and after July 1, 2008:

(a) The Mississippi Veterans Memorial Stadium Commission shall be abolished and all powers and duties of the commission shall be transferred to, and exercised by, the Department of Finance and Administration;

(b) The Office of the Executive Director of the Mississippi Veterans Memorial Stadium Commission shall be abolished and all powers and duties of the executive director shall be transferred to, and exercised by, the Executive Director of the Department of Finance and Administration;

(c) All records, property, funds and other assets and personnel of the Mississippi Veterans Memorial Stadium Commission shall be transferred to the Department of Finance and Administration; and

(d) Any personal service, management or other contracts of like nature entered into by the Mississippi Veterans Memorial Stadium Commission shall be cancelled.

(2) The Department of Finance and Administration shall grant Jackson State University the right to hold any of its sports, ceremonial and concert events at the Mississippi Veterans Memorial Stadium without any rental payment, and shall allow the proper signage designating the stadium as the home stadium of Jackson State University. All profits realized by the Department of Finance and Administration after paying all expenses and costs, including management fees, from any event held on stadium property shall be deposited to the credit of a special fund and authorized for expenditure by the Board of Trustees of State Institutions of Higher Learning exclusively for Jackson State University.

(3) From and after July 1, 2008, wherever the term "Mississippi Veterans Memorial Stadium Commission", or the term "commission" when referring to the Mississippi Veterans Memorial Stadium Commission, appears in the laws of the state, the terms shall mean the "Department of Finance and Administration".

SECTION 4. (1) There is created a special committee for the purpose of consulting with the Department of Finance and Administration on the lease of the property authorized in Section 55-23-8, Mississippi Code of 1972, and for the purpose of studying the Mississippi Veterans Memorial Stadium to make recommendations regarding its management and operations. The committee shall also study the disbursement of revenue generated from the lease of stadium property. The committee shall be composed of the following members:

(a) The Chairmen of the Senate and House Public Property Committees, who shall serve as co-chairmen;

(b) The Chairmen of the Senate Finance Committee and the House Ways and Means Committee, or their designee;

(d) One (1) member of the Senate, to be appointed by the Lieutenant Governor;

(e) The President of Jackson State University, or his designee;

(f) The Vice-Chancellor of Health Affairs at the University of Mississippi Medical Center, or his designee;

. (g) The State Health Officer, or his designee; and

(h) The President of Jackson State University National Alumni Association, or his designee.

(2) Members of the committee who are not legislators shall not receive any compensation or per diem, but may receive travel reimbursement provided under Section 25-3-41. Legislative members of the committee shall receive per diem, travel or other expenses, if authorized by the Management Committees of the Senate and the House of Representatives, from the contingent expense funds of their respective houses in the same amounts as provided for committee meetings when the Legislature is not in session; provide that no per diem or expense for attending meetings of the committee shall be paid while the Legislature is in session.

(3) Upon submitting its recommendations to the Legislature, the committee shall be dissolved.

(4) The Department of Finance and Administration, in consultation with Jackson State University, shall enter into a contract with a consultant to study the Mississippi Veterans Memorial Stadium and make suggestions regarding its management, repair, renovation, parking and future use. The cost of such contract, not to exceed Five Hundred Thousand Dollars ($500,000.00), shall be paid out of the Mississippi Veterans Memorial Stadium Operating Fund or from any funds available to the Department of Finance and Administration. The Department of Finance and Administration is authorized to escalate funds and positions to defray the cost of such contract. The Department of Finance and Administration may solicit RFP's, but shall not be authorized to contract for the management and operations of the stadium without further legislative action.

SECTION 5. This act shall take effect and be in force from and after its passage.


X (SIGNED)	X (SIGNED)
Sampson Jackson II	Tom Weathersby

X (SIGNED)	(NOT SIGNED)
Nolan Mettetal	Jack Gadd

X (SIGNED)	X (SIGNED)
Videt Carmichael	Preston E. Sullivan