MS SB2898

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

Property must be sold for not less than fair market value determined by the average of at least two appraisals by Mississippi-certified appraisers, with appraisals dated no more than one year before October 27, 2009.

Revenue from the sale or lease shall be deposited into the State General Fund, and the state retains all mineral rights to the property.

State retains exclusive right to repurchase improved property if not used for stated purpose; unimproved property reverts to the state if abandoned or not used as intended.

All provisions of the act expire July 1, 2010, though any contracts or leases executed before that date remain in effect until expiration.