MI HB4803

Authorizes the state administrative board to convey or transfer approximately 5.78 acres of state-owned property at the Michigan State Fairgrounds in Detroit, Wayne County to public or private entities.

Property cannot be used for horse racing tracks, auto racing tracks, casinos, railroad freight yards, jails, or prisons; the state may reenter and repossess property if these restrictions are violated.

Department of Technology, Management, and Budget may dispose of the property through competitive bidding, public auction, real estate brokerage, sale to local government at fair market value, or transfer to the State Land Bank Fast Track Authority.

Creates the State Fairgrounds Sale Advisory Committee composed of representatives from five neighborhood organizations to provide input and recommendations if property is transferred to the State Land Bank Fast Track Authority; committee is advisory only and dissolves 60 days after all property is conveyed.

Net revenue from the conveyance shall be deposited in the state general fund; the state shall receive one-half of gross revenue if the purchaser develops any oil, gas, or minerals on the property.