Senate Bill 2629

AN ACT TO AUTHORIZE JACKSON STATE UNIVERSITY TO ENTER INTO A LONG-TERM MANAGEMENT AND MAINTENANCE AGREEMENT WITH MAHER HARRELL DEVELOPMENT, LLC; TO AUTHORIZE JACKSON STATE UNIVERSITY TO ENTER INTO A GROUND LEASE TO LEASE THE PROPERTY ON WHICH THE BUILDINGS KNOWN AS THE "STEWART HALL BUILDING" AND THE "UNIVERSITY POINTE BUILDING" ARE LOCATED TO MAHER HARRELL DEVELOPMENT, LLC; AND FOR RELATED PURPOSES.

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

SECTION 1. (1) Jackson State University is authorized to enter into management and maintenance agreements with Maher Harrell Development, LLC, its successors and assigns ("Developer") for an initial term up to fifty (50) years related to the ownership, leasing, renovating, development, construction, furnishing, maintenance, equipping and/or operation of auxiliary facilities by Developer for the housing of students, faculty, staff and visitors within such auxiliary facilities located within and outside the campus of Jackson State University.

(2) Each management and maintenance agreement may include an option to renew the agreement for two (2) additional terms of five (5) years each.

(3) The management and maintenance agreements and any amendments to the agreements shall be subject to the approval of the Board of Trustees of State Institutions of Higher Learning. The approved management and maintenance agreements and any amendments to the agreements shall not be cancelled by successor Boards of Trustees of State Institutions of Higher Learning based on the binding successor doctrine.

SECTION 2. (1) Jackson State University is authorized to enter into a ground lease with Maher Harrell Development, LLC, its successors and assigns ("Developer") for an initial term up to fifty (50) years to lease the property on which the buildings designated as the "Stewart Hall Building" and the "University Pointe Building" are located together with appurtenances thereto for the purposes of Developer's renovation, furnishing, maintenance, equipping and operation of those buildings. The Stewart Hall Building and the University Pointe Building are located on the campus of Jackson State University in Jackson, Mississippi.

(2) The ground lease may include an option to renew the ground lease for no more than two (2) additional lease terms of five (5) years each.

(3) The ground lease and any amendments to the ground lease shall be subject to the approval of the Board of Trustees of State Institutions of Higher Learning. The approved ground lease and any amendments to the ground lease shall not be cancelled by successor Boards of Trustees of State Institutions of Higher Learning based on the binding successor doctrine.

SECTION 3. This act shall take effect and be in force from and after its passage.