Plain English Breakdown
Checked against official source text during the last sync.
Selling a State Facility
This bill allows the Department of Finance and Administration to sell a state facility used by the Highway Safety Patrol to Compass Datacenters Jan I LLC.
What This Bill Does
- Allows the Department of Finance and Administration to sell a specific property in Lauderdale County, Mississippi, to Compass Datacenters Jan I LLC.
- Requires that the sale price be at least the fair market value as determined by two appraisals from certified appraisers.
- Specifies that Compass Datacenters Jan I LLC will cover all closing costs for the transaction.
- Gives the Department of Public Safety the authority to correct any errors in property descriptions or purchasing entity details.
Who It Names or Affects
- The Department of Finance and Administration
- Compass Datacenters Jan I LLC
- The Mississippi Department of Public Safety
Terms To Know
- Fair Market Value
- The price at which a property would sell in an open market between informed parties who are not under any pressure to buy or sell.
- Closing Costs
- Expenses, in addition to the purchase price of the property, that buyers and sellers normally incur when transferring ownership of a property.
Limits and Unknowns
- The bill did not pass during its session.
- It is unclear how this sale will affect local employment or services provided by the Highway Safety Patrol.