HB 1993 Summary

• Reduces maximum lease term for non-agricultural park lands from 65 years to 50 years, including extensions.

• Requires sealed bid process open to all qualified applicants for lease transfers and extensions issued after the bill's effective date, with department selecting best-suited applicant regardless of whether they are existing or prospective lessee.

• Establishes compensation mechanism where transferring lessees receive depreciated cost of improvements and trade fixtures if bid meets that amount, otherwise receive entire bid with premium credited to the State.

• Creates procedures for lease modifications due to disability or death of spouse, requiring lessee or heir to demonstrate ability to resume original development plan within 12 months or submit amended plan meeting current productivity standards.

• Terminates leases if heirs or beneficiaries fail to submit satisfactory documentation within 12 months of lessee's death or are not following approved development plan 24 months after death.