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 definition of "fair market value" and "net revenue," as well as the responsibilities of state departments and agencies involved in the process. The property must first be offered to the village of Peck for purchase at fair market value, and if not acquired, the department of technology, management, and budget may pursue various methods for sale, including competitive bidding and public auctions. The bill also stipulates that the property must be used exclusively for public purposes and includes provisions for the state to reacquire the property if it is sold by the local government within 30 years.

Additionally, the bill specifies that any conveyance must reserve certain rights for the state, including a share of revenue from any oil, gas, or mineral development on the property, and the preservation of aboriginal antiquities. It establishes that if the property is not used according to the restrictions set forth, the state has the right to reclaim it. The net revenue generated from the sale of the property will be deposited into the state treasury and credited to the general fund.