MS HB1409

Department of Finance and Administration may sell, convey, or lease the Jefferson Street Properties (6.4 acres in Jackson, Hinds County) to a previously designated purchaser/lessee who had an option extension entered into on August 31, 2009.

Property must be sold for not less than fair market value as determined by the average of at least two appraisals performed by certified Mississippi appraisers, with appraisals not older than one year from October 27, 2009.

Proceeds from the sale or lease shall be deposited into the State General Fund.

State retains exclusive right to repurchase improved property if it ceases to be used for its intended purpose; unimproved property reverts to state ownership if not used as stated or if abandoned.

All mineral rights to the property remain with the State of Mississippi; the act repeals on July 1, 2010, though any contracts entered before that date remain in effect.