SB 3213 Summary

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

• Proceeds from sale or lease deposited into School for the Blind Trust Fund in state treasury, to be disbursed to State Board of Education for benefit of Mississippi School for the Blind and Mississippi School for the Deaf.

• Developer must construct or fund construction of new superintendent residence and building maintenance facility with total cost capped at $1,200,000 (adjusted for inflation), with developer receiving credit against purchase price or rental payments.

• State retains right to repurchase property or terminate lease if developer fails to complete 50,000+ square feet of improvements within ten years; state retains all mineral rights.

• Mississippi Transportation Commission authorized to sell related state property in Jackson in connection with Old School for the Blind sale or lease; repeals prior 2007 law authorizing Mississippi Development Authority to lease the property.