The 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. It outlines the conditions for the conveyance, including the definition of fair market value, net revenue, and public use. The property will first be offered to the City of Detroit for $1.00, with the city having a two-year window to purchase it. If the city declines, the property may be sold through competitive bidding, public auction, or other means, with the goal of achieving the best value for the state.

Additionally, the bill stipulates that any sale to a local government must ensure the property is used exclusively for public purposes, with specific conditions regarding resale and reimbursement of costs incurred by the state. The conveyance will not reserve oil, gas, or mineral rights but will require that any revenue generated from such resources be shared with the state. The bill also includes provisions for the state to reclaim the property if the terms of use are violated. The net revenue from the sale will be deposited into the state treasury and credited to the general fund.