This bill authorizes the Department of Technology, Management, and Budget to convey or transfer state-owned property located in Arenac County, Michigan, specifically parcels of land under the jurisdiction of the Department of Corrections. The bill outlines the definitions of key terms such as "fair market value," "net revenue," and "public use," and establishes the conditions under which the property can be sold or transferred. It stipulates that the conveyance must be approved by the state administrative board and provides various methods for the sale or transfer of the property, including competitive sales, offers to local governments, and transfers to other state agencies.

Additionally, the bill specifies that any revenue generated from the sale must be deposited into the state treasury and credited to the general fund. It includes provisions for the reservation of certain rights, such as the state's claim to aboriginal antiquities and a share of any revenue from oil, gas, or mineral development on the property. The bill also mandates that if the property is used in violation of the established restrictions, the state retains the right to reclaim the property. Overall, the legislation aims to facilitate the responsible management and disposition of state-owned land while ensuring public benefit and compliance with legal requirements.