Property: conveyance of state property; transfer of certain state-owned property in Arenac County; provide for. Creates land transfer act.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill, known as the Land Transfer Act, allows the Department of Technology, Management, and Budget to transfer state-owned property in Arenac County, specifically two parcels of land within the Standish Industrial Air Park, to local governments or other state agencies. The transfer can occur through various methods, including competitive sale, offering to local governments, or transfer through jurisdictional transfer. The bill outlines conditions for the transfer, including fair market value determination, public use restrictions, and revenue sharing if oil, gas, or minerals are discovered.
Key provisions
- Defines key terms like 'fair market value,' 'net revenue,' and 'public use'.
- Authorizes the Department of Technology, Management, and Budget to convey or transfer specified property in Arenac County.
- Specifies acceptable methods for transferring the property (competitive sale, local government offers, jurisdictional transfer, etc.).
- Requires approval by the State Administrative Board for the conveyance.
- Mandates the use of a fee appraisal for property sold for fair market value.
- Establishes conditions for sales below fair market value to local governments, including a purchase agreement and public use restrictions.
- Requires the grantee to pay half of gross revenue from oil, gas, or mineral development.
- Reserves aboriginal antiquities on the property for the state.
Who is affected
Bill text
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