MS SB2803

University of Mississippi Medical Center (UMMC) is authorized to lease a 4.5188-acre parcel of property located in Jackson, Mississippi for up to 40 years, subject to Board of Trustees approval.

Lease may include options to renew for two successive 20-year terms, with the first renewal option held by the lessee and the second by UMMC as lessor.

Leased property must be developed as mixed-use with a minimum of 10,000 square feet of street-level office space, 224 Class A apartment homes, structured and surface parking, and landscaping/green space.

UMMC faculty, staff, and students have right of first offer to lease the apartment homes before they become available to the general public.

All lease proceeds must be deposited in a special fund for UMMC's use and benefit, and all lease agreements require Board of Trustees approval.