MS SB2708

Department of Finance and Administration is authorized to sell or lease a 9.6-acre state-owned parcel in Jackson, Hinds County currently controlled by the Mississippi Department of Public Safety.

Property must be sold for not less than fair market value determined by averaging at least two appraisals from certified Mississippi appraisers; lease terms are negotiable by the Department of Finance and Administration.

Property sale or lease must result in highest and best use, including class A apartment homes, parking, landscaping, and potentially commercial businesses, without interfering with adjacent agencies and institutions.

Department of Finance and Administration shall issue a publicly advertised request for proposals and accept the proposal providing the highest and best value to the state.

State retains all mineral rights to the property; Department recovers transaction costs from proceeds, with net proceeds deposited into the State General Fund.