MS SB3097

Authorizes the Department of Finance and Administration and Mississippi Development Authority to lease the "Old School for the Blind" property in Jackson for up to 80 years for redevelopment purposes, with final lease execution subject to Governor approval.

Repeals previous residential lease restrictions and requires the Department to obtain at least two appraisals to establish fair market rental value, with lease rental amounts not less than the appraised value and provisions for periodic rental adjustments.

Authorizes the Department to contract with a development facilitator to identify and select qualified developers, with the Mississippi Development Authority providing assistance in the selection process.

Establishes a legislative advisory committee composed of House and Senate committee chairmen and appointed members to consult on the property development before final developer selection and adoption of a development plan.

Allows homestead tax exemptions for persons who lease, assign, or sublease the property and occupy it as a primary home, provided the lease term is at least 10 years.