MS HB1158

Transfers operational, administrative, and managing powers over Mississippi Veterans Memorial Stadium from the Department of Finance and Administration to Jackson State University, subject to an agreement with the University of Mississippi Medical Center and the current developer.

Transfers the stadium property and parking to Jackson State University for operation until the university relocates its home football games to another venue, at which point the property transfers to the University of Mississippi Medical Center.

Transfers property subject to the development lease agreement (dated July 13, 1993, as amended August 19, 1994) to the University of Mississippi Medical Center, excluding Parcel B per the September 16, 2009 settlement agreement.

Requires Jackson State University and the University of Mississippi Medical Center to fully comply with all existing lease agreements, including the February 23, 2009 lease between the Department of Finance and Administration and the University of Mississippi Medical Center, and prohibits use of eminent domain to acquire any lessee's property interest.

Allows Jackson State University to retain all revenues and monies from stadium use for operation, maintenance, improvements, and intercollegiate athletics support; repeals 2007 legislation authorizing lease cancellations; effective July 1, 2011.