House Bill 884

AN ACT TO authorize the board of trustees of state institutions of higher learning, acting on behalf of mississippi state university of agriculture and applied sciences, to enter into lease and sublease of property located thereon for the purpose of developing housing and retail space to benefit the university; to provide that the term of such leases shall not exceed 99 years; to provide that leases or subleases entered into by the board shall be protected from actions of successor boards Based on the binding successor doctrine; AND FOR RELATED PURPOSES.

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

SECTION 1. (1) The Board of Trustees of State Institutions of Higher Learning, acting on behalf of Mississippi State University of Agriculture and Applied Sciences, is authorized to enter into a long term lease of all or any portion of certain real property under its control and possession. The property described in this section shall be leased for a period not to exceed a term of ninety-nine (99) years for the purposes of developing housing and/or retail space for the benefit of the university.

(2) The lease and any amendments to the lease of all or any portion of the real property authorized for lease under subsection (1) of this section shall be subject to the approval of the Board of Trustees of State Institutions of Higher Learning. The approved lease and any amendments to the lease shall not be cancelled by successor boards based on the binding successor doctrine.

SECTION 2. (1) The Board of Trustees of State Institutions of Higher Learning, acting on behalf of Mississippi State University of Agriculture and Applied Sciences, is authorized to enter into a long term sublease of all or any portion of the real property described in Section 1 of this act which is under its control and possession for a period not to exceed a term of ninety-nine (99) years.

(2) The sublease and any amendments to the sublease of all or any portion of the real property described in Section 1 of this act shall be subject to the approval of the Board of Trustees of State Institutions of Higher Learning. The approved sublease and any amendments to the sublease shall not be cancelled by successor boards based on the binding successor doctrine.

SECTION 3. If all or any portion of the property described in Section 1 is leased, Mississippi State University of Agriculture and Applied Sciences, with the approval of the Board of Trustees of State Institutions of Higher Learning, is authorized to negotiate all aspects of any lease or sublease and any terms and ancillary agreements pertaining to any lease or sublease 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.

SECTION 4. This act shall take effect and be in force from and after July 1, 2016.