MS HB987

Authorizes municipalities to lease property of less than 1,500 square feet by obtaining two appraisals to establish fair market value, rather than requiring competitive bidding.

Allows municipalities to determine lease terms and conditions by resolution adopted and recorded in official minutes.

Reduces the number of required property appraisals from three to two for determining fair market value when selling, conveying, or leasing municipally owned real property without competitive bidding.

Applies to municipalities disposing of surplus property that is no longer needed for municipal purposes and will promote community development or civic, social, educational, cultural, moral, economic, or industrial welfare.

Takes effect July 1, 2012.