Senate Bill 2519 Summary

• Authorizes the Board of Trustees of State Institutions of Higher Learning to lease five parcels of University of Mississippi property totaling approximately 75.478 acres for academic buildings, housing, dining, parking, retail developments, and related facilities.

• Establishes maximum lease term of 45 years with two optional 10-year renewal periods and one optional 5-year renewal period, subject to Board approval.

• Grants University of Mississippi authority to negotiate all lease terms with Board approval to ensure fair return to the state.

• Directs all lease proceeds into a special fund for exclusive use and benefit of the University of Mississippi, with property and improvements reverting to the University at lease termination.

• Preserves state mineral rights to the leased property and allows Department of Finance and Administration to correct property description discrepancies.