AZ HB2755

Allows the State Land Commissioner to renew existing mineral or mineral materials leases without public auction for up to 20 years if the lessee is in substantial compliance, renewal benefits the trust, and written fiduciary findings support it

Requires renewed mineral leases to include royalty rates adjusted using market-based indexing mechanisms such as producer price indices or regional construction aggregate price indices, reviewed at least every five years

Restricts holdover leases to a maximum of 90 days and requires immediate reimbursement to holdover tenants for fair market value of reasonable improvements made to state land

Mandates the State Land Department approve reasonable and customary improvements for lease renewals and special land use permits, with reimbursement from the state land trust upon conclusion

Declares legislative findings that mineral extraction must occur before other commercial development on state trust lands, as minerals cannot be recovered once land is developed