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, including the requirement that the property must be offered first to the village of Peck for a period of two years at fair market value. The bill defines key terms such as "fair market value," "net revenue," and "public use," and establishes that the property must be used exclusively for public purposes, with restrictions on for-profit enterprises.

Additionally, the bill details the processes for the conveyance or transfer of the property, which may include competitive bidding, public auctions, or negotiations for value-for-value exchanges. It mandates that any revenue generated from the sale of the property be deposited into the state treasury and credited to the general fund. The bill also includes provisions for the maintenance of any historical or protected uses of the property and allows the state to reclaim the property if the new owner violates the terms of the conveyance.