S.B. 3011 Summary

• Requires the Department of Land and Natural Resources to conduct public auctions for new agricultural leases and select the best-suited bidder among all applicants, whether existing or prospective lessees.

• Reduces the maximum lease term from 65 years to 35 years, with any extensions limited to no more than 15 years.

• Establishes compensation procedures for displaced lessees: if the new bid equals or exceeds depreciated improvements costs, the lessee receives full compensation; otherwise receives only the bid amount, with any premium credited to the State.

• Requires lessees who experience mental or physical disability or loss of a spouse to submit documentation or amended development plans within 12 months, with department review at 24 months; failure to comply results in lease termination.

• Applies similar requirements to heirs and beneficiaries receiving leases through inheritance, requiring them to demonstrate ability to implement the original development plan or submit an amended plan within 12 months.

• Effective January 1, 2050.