The bill authorizes the Department of Technology, Management, and Budget to convey or transfer state-owned property located in Arenac County, specifically parcels of land under the jurisdiction of the Department of Corrections. It outlines the conditions for such conveyance, including the requirement for approval from the state administrative board and the stipulation that the property must be used for public purposes. The bill defines key terms such as "energy storage facility," "fair market value," and "net revenue," and establishes the process for determining the fair market value through independent appraisals.

Additionally, the bill specifies the methods by which the property can be sold or transferred, including competitive sales, offers to local governments, and jurisdictional transfers to other state agencies. It includes provisions for the reservation of certain rights, such as the state's claim to aboriginal antiquities and a prohibition on using the property for solar or wind generation projects unless specific conditions are met. The net revenue from the sale of the property is to be deposited into the state treasury and credited to the general fund.