MI SB1558

Authorizes the state administrative board to convey state-owned property in Flint, Genesee County, including the School for the Deaf campus, by quitclaim deed.

Grants Lurvey White Ventures 1, LLC a 180-day first right to purchase the property for not less than $1,300,000.00 for construction and renovation of a new school for the deaf, contingent on entering into a lease providing approximately 120,000 usable square feet at an initial annual base rent not exceeding $2,060,000.00.

Requires the purchaser to use the property exclusively for education or education-related purposes, complete project construction and occupancy within 3 years, and obtain state approval of proposed specifications within 1 year.

Permits the state to reenter and repossess the property if the purchaser violates use restrictions or timeline requirements, with the attorney general authorized to bring legal action to recover possession.

Directs net revenue from the sale to first retire state building authority debt for the residential facility, then reimburse special maintenance projects, with any remaining funds deposited in the general fund; if property is resold within 7 years, the purchaser must pay the state 40% of the difference between the original and subsequent sale prices.