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MS SB2247
Bill
AI Summary
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Amends Mississippi Code Section 29-3-63 to allow a school board in a municipality where Interstate 59 and U.S. Highway 49 intersect in the Broadway - West Pine redevelopment area to extend a 99-year lease for an additional period not to exceed 25 years.
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Lease extension is available only if the lessee has completely satisfied all financial obligations under the original lease agreement and has less than 30 years remaining on the original term.
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Extension terms and conditions must be acceptable to the school board, documented as an addendum to the original lease agreement, and recorded in the board's minutes.
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Effective July 1, 2025.
Legislative Description
16th section land; authorize local school board to grant an extension to holder of a long-term lease in good standing.
Last Action
Approved by Governor
3/7/2025