HB1086: University of Mississippi; authorize to enter into long-term lease for public-private partnership for development of university property.

Legislative Summary

An Act To Authorize The Board Of Trustees Of State Institutions Of Higher Learning, Acting On Behalf Of The University Of Mississippi To Enter Into A Long-term Lease Of All Or Any Portion Of Real Property Under Its Control And Possession For The Purpose Of Developing Academic Buildings, Housing, Dining Halls, Parking Facilities, And/or Other Spaces, Including Retail Developments, For The Benefit Of The University; To Provide That Any Such Property Shall Be Leased For A Period Not To Exceed 45 Years; To Set Certain Other Lease Terms And To Require Any Lease To Be Subject To The Approval Of Ihl; To Authorize The University Of Mississippi To Negotiate All Aspects Of Any Lease With The Approval Of Ihl; To Provide That All Proceeds Derived From Any Such Lease Shall Be Deposited Into A Special Fund Only For The Use Of The University; To Require Any Property Leased Under This Act To Revert Back To The University At The End Of The Lease; And For Related Purposes.