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HB1729 • 2026

MHP facility in Jackson, MS; authorize DFA to sell or lease for redevelopment.

AN ACT TO AUTHORIZE THE DEPARTMENT OF FINANCE AND ADMINISTRATION, ACTING ON BEHALF OF THE MISSISSIPPI DEPARTMENT OF PUBLIC SAFETY, TO SELL OR LEASE THE HIGHWAY SAFETY PATROL HEADQUARTERS FACILITY AND RELATED REAL PROPERTY LOCATED AT 1900 EAST WOODROW WILSON AVENUE IN JACKSON, HINDS COUNTY, MISSISSIPPI, FOR PRIVATE REDEVELOPMENT; TO REQUIRE THAT THE PROPERTY BE REDEVELOPED EXCLUSIVELY FOR USE AS A HOTEL, A RESTAURANT OR BOTH; TO REQUIRE THE PURCHASER OR LESSEE TO ASSUME FULL FINANCIAL RESPONSIBILITY FOR SITE DEVELOPMENT, INCLUDING DEMOLITION OF EXISTING STRUCTURES NOT NEEDED FOR THE APPROVED REDEVELOPMENT; TO REQUIRE THAT ANY SALE BE FOR NOT LESS THAN FAIR MARKET VALUE AS ESTABLISHED BY THE AVERAGE OF AT LEAST TWO LICENSED APPRAISALS AND TO REQUIRE UPDATED APPRAISALS WHEN NECESSARY; TO REQUIRE THAT ANY LEASE BE FOR NOT LESS THAN FAIR MARKET RENTAL VALUE AS ESTABLISHED BY APPRAISAL, TO AUTHORIZE PERIODIC RENTAL ADJUSTMENTS AND OTHER NEGOTIATED LEASE TERMS INCLUDING POTENTIAL PARTICIPATION IN PROJECT INCOME, AND TO REQUIRE REIMBURSEMENT OF APPRAISAL COSTS BY THE LESSEE; TO REQUIRE THE DEPARTMENT, IN SOLICITING REQUESTS FOR PROPOSALS AND EVALUATING PROPOSED USES, TO CONSIDER POTENTIAL IMPACTS ON THE UNIVERSITY OF MISSISSIPPI MEDICAL CENTER AND THE G.V. (SONNY) MONTGOMERY VA MEDICAL CENTER, INCLUDING HELICOPTER FLIGHT PATTERNS, AND TO REQUIRE COMPLIANCE WITH APPLICABLE COUNTY AND MUNICIPAL ZONING AND LAND USE RESTRICTIONS; TO PROVIDE THAT THE STATE OF MISSISSIPPI SHALL RETAIN ALL MINERAL RIGHTS IN THE PROPERTY CONVEYED; TO AUTHORIZE THE DEPARTMENT TO CORRECT DISCREPANCIES IN THE LEGAL DESCRIPTION OF THE PROPERTY; TO REQUIRE PUBLIC ADVERTISEMENT OF THE PROPERTY�S AVAILABILITY FOR SALE OR LEASE AND TO AUTHORIZE A NATIONAL ADVERTISING CAMPAIGN SUBJECT TO AVAILABLE FUNDS; TO REQUIRE ESTABLISHMENT OF PROPOSAL DEADLINES AND TO PROVIDE FOR PREPROPOSAL CONFERENCES; TO PRESCRIBE PROPOSAL SUBMISSION FORM, FORMAT, CONTENT AND DOCUMENTATION REQUIREMENTS, INCLUDING REDEVELOPMENT CONCEPTS, TIMELINES, BUDGETS AND FINANCIAL QUALIFICATIONS; TO PROVIDE EVALUATION CRITERIA AND A PROCESS FOR RANKING PROPOSALS, NEGOTIATING WITH ONE OR MORE PROPOSERS, REJECTING PROPOSALS, AND ENTERING INTO A REDEVELOPMENT AGREEMENT; TO REQUIRE FILING A NOTIFICATION OF INTENT TO ACCEPT A PROPOSAL WITH THE SECRETARY OF STATE WITHIN A SPECIFIED PERIOD; TO REQUIRE EXECUTION OF A MEMORANDUM OF UNDERSTANDING ESTABLISHING CONDITIONS AND SCHEDULES FOR A FINAL REDEVELOPMENT AGREEMENT; TO PROVIDE FOR DEFAULT UPON FAILURE TO EXECUTE THE MEMORANDUM OF UNDERSTANDING; AND FOR RELATED PURPOSES.

Healthcare Housing Land
Did Not Pass

The latest official action shows that this bill did not move forward in that session.

Sponsor
Newman
Last action
2026-02-16
Official status
Dead
Effective date
Passage

Plain English Breakdown

Checked against official source text during the last sync.

Mississippi Law to Sell or Lease MHP Property for Redevelopment

This bill allows the Department of Finance and Administration to sell or lease a property in Jackson, Mississippi, currently used by the Highway Safety Patrol, exclusively for redevelopment into a hotel, restaurant, or both.

What This Bill Does

  • Allows the Department of Finance and Administration to sell or lease the Highway Safety Patrol headquarters facility located at 1900 East Woodrow Wilson Avenue in Jackson, Hinds County, Mississippi.
  • Requires that any sale be for not less than fair market value as determined by appraisals, and any lease must meet fair market rental values with periodic adjustments.
  • Specifies that the property can only be redeveloped into a hotel, restaurant, or both, and requires the buyer or lessee to cover all site development costs including demolition of existing structures not needed for redevelopment.
  • Requires consideration of impacts on nearby medical centers and compliance with zoning laws when evaluating proposals.
  • Provides that the state retains mineral rights in the property conveyed.

Who It Names or Affects

  • The Department of Finance and Administration, acting on behalf of the Mississippi Department of Public Safety
  • Potential buyers or lessees interested in redeveloping the Highway Safety Patrol headquarters facility

Terms To Know

Fair Market Value
The price at which a property would sell between a willing buyer and seller, both of whom are knowledgeable about the property.
Appraisal
An evaluation of the value of real estate by a licensed professional.

Limits and Unknowns

  • The bill did not pass during its session.
  • Details on specific proposal requirements and evaluation criteria are outlined in the full text but are not summarized here.

Bill History

  1. 2026-02-16 Mississippi Legislative Bill Status System

    02/16 (H) Died On Calendar

  2. 2026-02-10 Mississippi Legislative Bill Status System

    02/10 (H) Motion to Reconsider Entered (Oliver, Bennett, Newman)

  3. 2026-02-10 Mississippi Legislative Bill Status System

    02/10 (H) Passed

  4. 2026-02-03 Mississippi Legislative Bill Status System

    02/03 (H) Title Suff Do Pass

  5. 2026-01-19 Mississippi Legislative Bill Status System

    01/19 (H) Referred To Public Property

Official Summary Text

MHP facility in Jackson, MS; authorize DFA to sell or lease for redevelopment.

Current Bill Text

Read the full stored bill text
H. B. No. 1729 *HR26/R1333* ~ OFFICIAL ~ G1/2
26/HR26/R1333
PAGE 1 (DJ\KW)

To: Public Property
MISSISSIPPI LEGISLATURE REGULAR SESSION 2026

By: Representative Newman

HOUSE BILL NO. 1729

AN ACT TO AUTHORIZE THE DEPARTMENT OF FINANCE AND 1
ADMINISTRATION, ACTING ON BEHALF OF THE MISSISSIPPI DEPARTMENT OF 2
PUBLIC SAFETY, TO SELL OR LEASE THE HIGHWAY SAFETY PATROL 3
HEADQUARTERS FACILITY AND RELATED REAL PROPERTY LOCATED AT 1900 4
EAST WOODROW WILSON AVENUE IN JACKSON, HINDS COUNTY, MISSISSIPPI, 5
FOR PRIVATE REDEVELOPMENT; TO REQUIRE THAT THE PROPERTY BE 6
REDEVELOPED EXCLUSIVELY FOR USE AS A HOTEL, A RESTAURANT OR BOTH; 7
TO REQUIRE THE PURCHASER OR LESSEE TO ASSUME FULL FINANCIAL 8
RESPONSIBILITY FOR SITE DEVELOPMENT, INCLUDING DEMOLITION OF 9
EXISTING STRUCTURES NOT NEEDED FOR THE APPROVED REDEVELOPMENT; TO 10
REQUIRE THAT ANY SALE BE FOR NOT LESS THAN FAIR MARKET VALUE AS 11
ESTABLISHED BY THE AVERAGE OF AT LEAST TWO LICENSED APPRAISALS AND 12
TO REQUIRE UPDATED APPRAISALS WHEN NECESSARY; TO REQUIRE THAT ANY 13
LEASE BE FOR NOT LESS THAN FAIR MARKET RENTAL VALUE AS ESTABLISHED 14
BY APPRAISAL, TO AUTHORIZE PERIODIC RENTAL ADJUSTMENTS AND OTHER 15
NEGOTIATED LEASE TERMS INCLUDING POTENTIAL PARTICIPATION IN 16
PROJECT INCOME, AND TO REQUIRE REIMBURSEMENT OF APPRAISAL COSTS BY 17
THE LESSEE; TO REQUIRE THE DEPARTMENT, IN SOLICITING REQUESTS FOR 18
PROPOSALS AND EVALUATING PROPOSED USES, TO CONSIDER POTENTIAL 19
IMPACTS ON THE UNIVERSITY OF MISSISSIPPI MEDICAL CENTER AND THE 20
G.V. (SONNY) MONTGOMERY VA MEDICAL CENTER, INCLUDING HELICOPTER 21
FLIGHT PATTERNS, AND TO REQUIRE COMPLIANCE WITH APPLICABLE COUNTY 22
AND MUNICIPAL ZONING AND LAND USE RESTRICTIONS; TO PROVIDE THAT 23
THE STATE OF MISSISSIPPI SHALL RETAIN ALL MINERAL RIGHTS IN THE 24
PROPERTY CONVEYED; TO AUTHORIZE THE DEPARTMENT TO CORRECT 25
DISCREPANCIES IN THE LEGAL DESCRIPTION OF THE PROPERTY; TO REQUIRE 26
PUBLIC ADVERTISEMENT OF THE PROPERTY’S AVAILABILITY FOR SALE OR 27
LEASE AND TO AUTHORIZE A NATIONAL ADVERTISING CAMPAIGN SUBJECT TO 28
AVAILABLE FUNDS; TO REQUIRE ESTABLISHMENT OF PROPOSAL DEADLINES 29
AND TO PROVIDE FOR PREPROPOSAL CONFERENCES; TO PRESCRIBE PROPOSAL 30
SUBMISSION FORM, FORMAT, CONTENT AND DOCUMENTATION REQUIREMENTS, 31
INCLUDING REDEVELOPMENT CONCEPTS, TIMELINES, BUDGETS AND FINANCIAL 32
QUALIFICATIONS; TO PROVIDE EVALUATION CRITERIA AND A PROCESS FOR 33
RANKING PROPOSALS, NEGOTIATING WITH ONE OR MORE PROPOSERS, 34
H. B. No. 1729 *HR26/R1333* ~ OFFICIAL ~
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REJECTING PROPOSALS, AND ENTERING INTO A REDEVELOPMENT AGREEMENT; 35
TO REQUIRE FILING A NOTIFICATION OF INTENT TO ACCEPT A PROPOSAL 36
WITH THE SECRETARY OF STATE WITHIN A SPECIFIED PERIOD; TO REQUIRE 37
EXECUTION OF A MEMORANDUM OF UNDERSTANDING ESTABLISHING CONDITIONS 38
AND SCHEDULES FOR A FINAL REDEVELOPMENT AGREEMENT; TO PROVIDE FOR 39
DEFAULT UPON FAILURE TO EXECUTE THE MEMORANDUM OF UNDERSTANDING; 40
AND FOR RELATED PURPOSES. 41
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI: 42
SECTION 1. (1) The Department of Finance and 43
Administration, acting on behalf of the Mississippi Department of 44
Public Safety, hereinafter DPS, may sell and convey or lease, 45
whichever is determined to be in the best interest of the State of 46
Mississippi, the facility currently used by Mississippi Department 47
of Public Safety for the benefit of the Highway Safety Patrol as 48
its headquarters facility in Jackson, Mississippi, subject to the 49
conditions authorized in this section. The property being more 50
particularly described as follows: 51
A parcel of land and all the improvements located 52
thereon, situated at 1900 East Woodrow Wilson Avenue in 53
the City of Jackson, Hinds County, Mississippi, near the 54
intersection of Interstate 55 and Woodrow Wilson Avenue, 55
and containing 10.17 acres more or less: 56
BEGINNING W/S HWY 51 1728.43 FT SOUTH OF LAKELAND DR; 57
THENCE WEST 600 FT SOUTH 785.51 FT EASTERLY, 58
NORTHEASTERLY & NORTHWESTERLY ALONG HWY TO POINT OF 59
BEGINNING IN SOUTH 1/2 SOUTHEAST 1/4 OF SECTION 26, 60
TOWNSHIP 6, RANGE 1 EAST. 61
(2) The real property and the improvements thereon described 62
in subsection (1) of this section shall be sold or leased for 63
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private redevelopment to be used exclusively as hotel, restaurant, 64
or both, hotel and restaurant in compliance with the provisions of 65
this act. As a condition of the sale or lease, the purchaser or 66
lessee shall agree to assume all financial responsibility related 67
to site development, which shall include the demolition of any 68
existing structure(s) on the property for which the purchaser or 69
lessee has no relevant use in the operation of its business 70
activities as a hotel, restaurant or both, hotel and restaurant. 71
(3) (a) If sold, the real property and the improvements 72
thereon described in subsection (1) of this section shall be sold 73
for not less than the current fair market value as determined by 74
the average of at least two (2) appraisals by qualified 75
appraisers, who shall be selected by the Department of Finance and 76
Administration and shall be certified and licensed by the 77
Mississippi Real Estate Appraiser Licensing and Certification 78
Board. The appraisals used in determining the current fair market 79
value of the real property to be sold shall not have been 80
performed more than one (1) year before the date of sale; however, 81
if more than one (1) year elapses before the date of sale of the 82
real property and the appraisal date referenced above, new 83
appraisals shall be performed. 84
(b) (i) If leased, the real property and the 85
improvements thereon described in subsection (1) of this section 86
shall not be leased for an amount less than the fair market rental 87
value as determined by the appraiser. The Department of Finance 88
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and Administration shall obtain at least one (1) appraisal from a 89
competent appraiser establishing the fair market rental value of 90
the land, exclusive of any improvements owned by the lessee. The 91
cost of the appraisal shall be paid by the department and will be 92
included in the cost of any lease, periodic rental adjustment or 93
lease renewal to be reimbursed by the lessee. 94
(ii) Any lease executed under this act: 95
1. Must contain provisions for the periodic 96
adjustment of rentals throughout the term of the lease, which such 97
provisions for periodic adjustment of rent shall be reasonably 98
calculated to maintain a fair and equitable return to the state 99
throughout the term of any lease or renewal term; and 100
2. May contain any other terms and 101
provisions, including provisions for a share of income in addition 102
to the amount determined in paragraph (a) of this subsection (3) 103
from the redeveloped property, as the department, in its 104
discretion, deems practical and necessary to effect the intent and 105
purposes of this act, and being in the best interest of the state. 106
(4) In determining the terms and conditions of the sell or 107
lease and the proposed use of the property described in subsection 108
(1) of this section, the Department of Finance and Administration, 109
in preparing its advertisements for the solicitation of requests 110
for proposals, shall take into consideration the following: 111
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(a) Any potential interference with the operation of 112
the University of Mississippi Medical Center or the G.V. (Sonny) 113
Montgomery VA Medical Center; 114
(b) The Federal Aviation Authority's approved flight 115
pattern for helicopters used by the University of Mississippi 116
Medical Center's Center for Emergency Services; 117
(c) Zoning ordinances and restrictions as adopted by 118
the Hinds County Board of Supervisors, which further specify the 119
real property's location within an approved special use district 120
within the definition of a medical complex district; and 121
(d) Zoning ordinances and restrictions as adopted by 122
the Jackson City Council for governing existing land use for 123
public and/or semi-public purposes within the incorporated 124
municipal boundaries of the City of Jackson, Mississippi. 125
(5) The State of Mississippi shall retain all rights to 126
minerals in the property transferred under subsection (1) of this 127
section. 128
(6) The Department of Finance and Administration is vested 129
with the authority to correct any discrepancies in the legal 130
description of the property described in subsection (1) of this 131
section. 132
SECTION 2. (1) The Department of Finance and Administration 133
shall advertise the availability of the Mississippi Department of 134
Public Safety Highway Patrol Headquarters Facility and property in 135
Jackson, Hinds County, Mississippi, described in Section 1 of this 136
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act for sell or lease and redevelopment. Subject to the 137
availability of funds, the department is authorized to implement 138
and conduct a national advertising campaign to solicit requests 139
for proposals for the lease and redevelopment of the property. 140
(2) The department shall establish a deadline to receive 141
proposals submitted by interested parties. 142
SECTION 3. (1) Proposals to purchase or lease and redevelop 143
all or any part of the property described in Section 1 of this act 144
must be considered by the Department of Finance and 145
Administration. A party shall submit a purchase or lease proposal 146
on the applicable redevelopment proposal form furnished by the 147
department, accompanied by any appendices, exhibits or other 148
materials as the prospective purchaser or lessee desires. 149
Proposals shall be subject to the requirements of each of the 150
documents required by the department on the forms developed for 151
proposals. 152
(2) The department shall conduct a preproposal conference at 153
a time, date and location deemed to be appropriate. Persons 154
desiring notice if the preproposal conference will be held at a 155
time other than the originally designated time, date and location, 156
may submit a written request to receive notice to the department. 157
The preproposal conference will be a forum to answer questions 158
from potential respondents to the requests for proposals in a fair 159
and open setting. The department may schedule one or more 160
additional preproposal conferences. Parties desiring notice of 161
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any additional preproposal conferences may submit a written 162
request to receive notice to the department. 163
(3) Each prospective purchaser or lessee shall submit its 164
proposal to the department no later than 5:00 p.m. on the date of 165
the deadline established by the department. All proposals shall 166
be in an eight and one-half (8-1/2) inches by eleven (11) inches 167
format, with graphics not exceeding eleven (11) inches by 168
seventeen (17) inches. The proposals shall be in an envelope 169
plainly marked "Department of Public Safety Redevelopment 170
Proposal." All proposals must be received by the department by 171
the deadline set for receipt of proposals. 172
(4) Each proposal to purchase or lease all or a portion of 173
the property shall include: 174
(a) A statement indicating whether the proposal is to 175
purchase and develop or lease and develop all or a portion of the 176
property, and if the proposal is with respect to a portion of the 177
property, a statement identifying the portion of the property with 178
respect to which the proposal is made; 179
(b) The purchase or lease price, and/or other 180
considerations offered for the property or applicable portion 181
thereof, or the proposed method for determining the purchase or 182
lease terms; and 183
(e) A statement evidencing the prospective purchaser or 184
lessee's agreement that, if the department determines that it is 185
in the best interest of the public to accept the proposal, the 186
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prospective purchaser or lessee will enter into a memorandum of 187
understanding with the department under which, subject to 188
satisfaction of conditions set forth in the agreement within time 189
periods specified in the agreement, the department and the 190
prospective purchaser or lessee will agree to enter into an 191
agreement. The agreement shall be in substantially the form set 192
forth by the department, with any modifications, additions and 193
changes that are specifically set forth in the proposal or that 194
are mutually acceptable to the prospective purchaser or lessee and 195
the department. 196
(5) In addition to the requirements of subsection (4) of 197
this section, each proposal shall also include, at a minimum, the 198
following: 199
(a) A description of the development team, including, 200
as applicable: 201
(i) A description of the primary respondent and 202
related principals; 203
(ii) A description of team members, including 204
architects, consultants, contractors and major sub-contractors to 205
be used for both the redevelopment of the property described in 206
Section 1 of this act; 207
(iii) A description of development and 208
redevelopment experience of team members and status of current 209
projects including experiences related to the design, 210
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construction, leasing and management of urban real estate 211
projects; 212
(iv) A description of similar experiences of team 213
members in developing and redeveloping properties acquired from 214
public owners through the public process; 215
(v) The ability to assemble additional property to 216
increase the magnitude and impact of the proposed project if 217
applicable; and 218
(vi) A statement showing the prospective purchaser 219
or lessee's qualifications and financial responsibility on a form 220
approved and supplied by the department; 221
(b) Details of the proposed redevelopment of the 222
property or applicable portion thereof, including information 223
addressing, without limitation: 224
(i) The project vision; 225
(ii) A development concept including narrative 226
description and visual depictions; 227
(iii) A proposed redevelopment plan; 228
(iv) The approximate quantities and square footage 229
for each use; 230
(v) A development timeline from execution of a 231
memorandum of understanding to completion of redevelopment; and 232
(vi) The preliminary project budget and 233
fifteen-year cash-flow proforma; 234
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(c) A comprehensive description of all conditions upon 235
the prospective purchaser or lessee's commitment to carry out 236
redevelopment of the property or applicable portion thereof in 237
accordance with the proposal; and 238
(d) Any other information as the prospective purchaser 239
or lessee may determine to be appropriate to permit the department 240
to determine the qualifications, experience and abilities of the 241
prospective purchaser or lessee and to gain a complete 242
understanding of the prospective purchaser or lessee's vision for 243
the property. 244
SECTION 4. (1) The Department of Finance and Administration 245
shall review and consider all proposals in light of all factors 246
deemed relevant, including, without limiting the generality of its 247
consideration, the following: 248
(a) The overall qualifications, financial stability, 249
experience and past performance of the prospective purchaser or 250
lessee; 251
(b) The experience of the prospective purchaser or 252
lessee with respect to activities comparable to those covered by 253
the proposal; 254
(c) The overall qualifications, financial stability, 255
experience and past performance of the other members of the 256
development team; 257
(d) The qualification and experience of staff to be 258
assigned to the project; 259
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(e) The proven ability of team members to successfully 260
design and redevelop high quality, high-density projects in an 261
urban setting; 262
(f) The legal ability of the prospective purchaser or 263
lessee to carry out its proposal; 264
(g) The prospective purchaser or lessee's ability to 265
secure or provide sufficient equity and construction and permanent 266
financing for the proposed undertaking; 267
(h) The cost, scope and scale of the proposed 268
redevelopment and the amount of the investment to be made by the 269
prospective purchaser or lessee; 270
(i) The projected impact of the proposed redevelopment 271
on the University of Mississippi Medical Center and the G.V. 272
(Sonny) Montgomery VA Medical Center, and the likelihood that the 273
proposed redevelopment will be a catalyst for additional 274
development and redevelopment; 275
(j) The overall financial attractiveness of the 276
proposal, and the anticipated net economic effect to the state by 277
the department's acceptance of the proposal, including, but not 278
limited to: 279
(i) The proposed purchase price, lease price or 280
rental payments; 281
(ii) The projected tax revenues to be generated by 282
and as a result of the proposed redevelopment; and 283
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(iii) Any public assistance or incentives which the 284
prospective purchaser or lessee intends to request; 285
(k) The projected timetable for the redevelopment; and 286
(l) Any other specific terms or conditions required or 287
requested in the proposal. 288
(2) Following receipt and review of all proposals and all 289
discussions and presentations, the department shall evaluate and 290
rank the proposals and, unless it recommends rejection of all 291
proposals, may enter into a redevelopment agreement with the 292
prospective purchaser or lessee receiving the highest evaluation 293
or ranking. 294
(3) The department shall select, unless it is determined to 295
reject all proposals, one or more proposals and shall enter into 296
negotiations with the party or parties submitting the proposal or 297
proposals. At that time, all prospective purchaser or lessees 298
shall be advised of the party or parties with whom negotiations 299
are entered. If the department determines to negotiate with more 300
than one (1) party, the determination as to whether the 301
redevelopment agreement will be entered into shall be made on the 302
basis of the factors set forth above. 303
(4) If the department determines not to accept any of the 304
proposals, all prospective purchaser or lessees must be advised of 305
that determination. 306
(5) The department reserves the right: 307
(a) To reject any and all proposals; 308
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(b) To waive any and all informalities and 309
irregularities; 310
(c) To negotiate with any person or persons for 311
proposals; and 312
(d) To waive clarifications and exceptions. 313
(6) If the department determines that it is in the best 314
interest of the public to accept a proposal, a notification of 315
intent to accept the proposal shall be filed with the Secretary of 316
State. At that time, a copy of the notification of intent shall 317
also be delivered to the prospective purchaser or lessee 318
designated as the "selected prospective purchaser or lessee." The 319
department shall determine whether it is in the best interest of 320
the public to accept a proposal and which proposal, if any, to 321
accept within ninety (90) days of the submission deadline. 322
(7) Not less than thirty (30) days, and not more than ninety 323
(90) days, after the date on which the notification of intent is 324
filed, the department and the selected prospective purchaser or 325
lessee shall enter into a memorandum of understanding setting 326
forth the conditions to execution of a redevelopment agreement, 327
and the time schedule for determining whether those conditions can 328
be met. 329
(8) The failure of the selected prospective purchaser or 330
lessee to execute the memorandum of understanding within the 331
prescribed time period, or within any extension as may be granted, 332
based upon reasons determined sufficient by the department, shall 333
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ST: MHP facility in Jackson, MS; authorize DFA
to sell or lease for redevelopment.
constitute a default, and the selected prospective purchaser or 334
lessee shall have no further rights with respect to the proposal. 335
SECTION 5. This act shall take effect and be in force from 336
and after its passage. 337