MS HB884

Authorizes the Board of Trustees of State Institutions of Higher Learning to enter into long-term leases on behalf of Mississippi State University for up to 40 years with one optional 10-year renewal period for developing housing and retail space.

Specifies the leased property as 34.293 acres located in Starkville, Oktibbeha County, partially in Section 35 and Section 2, bounded by Mississippi Highway 182, Highway 12, and College View Street.

Protects approved leases and subleases from cancellation by successor boards under the binding successor doctrine and requires Board of Trustees approval for all lease amendments.

Directs all revenue from lease agreements into a special fund for exclusive use and benefit of Mississippi State University, with property reverting to the university at lease term end.

Retains all mineral rights to the state and authorizes the Department of Finance and Administration to correct property description discrepancies; effective July 1, 2016.