MS HB877

Department of Finance and Administration authorized to sell two parcels of University of Southern Mississippi property in Hattiesburg, Forrest County, totaling approximately 6.9 acres, with detailed legal descriptions provided for each parcel.

Property must be sold for not less than fair market value determined by averaging at least two appraisals from certified and licensed Mississippi appraisers, with one selected by the Department of Finance and Administration.

University may sell property without competitive bidding if the Board of Trustees determines the sale will promote university development; seller must solicit requests for proposals considering purchase price, proposed use, development investment, impact on university and state, and development timeline.

State of Mississippi retains all mineral rights to the sold property.

Department of Finance and Administration may recover transaction costs from sale proceeds, with net proceeds deposited into a special fund in the State Treasury for exclusive benefit of the University of Southern Mississippi.