This bill authorizes the state administrative board to convey state-owned property located in Wayne County, specifically the former sites of the Mound and Ryan Correctional Facilities in Detroit. The bill outlines the conditions for the conveyance, including the definition of "fair market value," "net revenue," and "public use." It stipulates that the City of Detroit will have the first right to purchase the property for $1.00 for a period of two years after the bill's effective date. If the property is sold to a unit of local government, it must be used exclusively for public purposes, and the state retains certain rights regarding the property, including the right to reenter if the conditions are violated.

Additionally, the bill provides the department of technology, management, and budget with various methods for conveying the property, such as competitive bidding and public auctions, while ensuring that the sale realizes the best value for the state. It also includes provisions for the handling of any surplus property and the reservation of rights related to oil, gas, and mineral development, as well as aboriginal antiquities. The net revenue generated from the sale will be deposited into the state treasury and credited to the general fund.