HB 637 Summary

• Department of Finance and Administration authorized to sell state-owned "Old School for the Blind" property in Jackson (22.822 acres) for not less than fair market value as determined by average of two qualified appraisals.

• All proceeds from property sale deposited into "School for the Blind Trust Fund" in State Treasury and disbursed to State Board of Education for benefit of Mississippi School for the Blind and Mississippi School for the Deaf.

• State retains exclusive right to repurchase property within 10 years if not used for intended purpose or abandoned; state retains all oil, gas, and mineral rights.

• Property must be sold for mixed-use development (commercial, residential, retail) using New Urbanism principles; Department must consider purchase price, proposed use, development scope, projected tax revenue, and development timeline in evaluating proposals.

• Mississippi Transportation Commission authorized to sell related state property (0.87 acres) in Jackson in conjunction with Old School for the Blind sale; repeals prior 2007 authorization for Mississippi Development Authority to lease the property.