This bill authorizes the state administrative board to convey or transfer state-owned property located in Sanilac County, specifically in the village of Peck. It outlines the conditions for such conveyance or transfer, including the definition of "fair market value" and "net revenue," as well as the responsibilities of state departments and agencies involved in the process. The bill stipulates that the village of Peck has the first right to purchase the property at fair market value for two years following the bill's effective date. If the property is sold, it must be used exclusively for public purposes, and any conveyance must include specific restrictions to ensure compliance with these conditions.
Additionally, the bill details the methods by which the property may be sold, including competitive bidding, public auctions, and negotiations for value-for-value exchanges. It also establishes that any revenue generated from the sale will be deposited into the state treasury and credited to the general fund. The bill includes provisions for the maintenance of any historical or protected aspects of the property and allows the state to reclaim the property if the new owner violates the terms of the conveyance. Overall, the legislation aims to facilitate the responsible transfer of state property while ensuring public benefit and compliance with legal requirements.