The bill proposes amendments to the Montana Heritage Preservation and Development Commission's contract term limits, specifically allowing for a contract term of up to 99 years for commercial leases with private organizations that invest substantial capital in properties managed by the commission. This change is significant as it removes the previous 20-year limit on contracts, thereby providing more flexibility for long-term investments in heritage properties. Additionally, the bill clarifies that contracts under this section can be negotiated directly with vendors, bypassing state procurement laws, and emphasizes the requirement for prevailing wages in contracts.

Furthermore, the bill outlines various powers and responsibilities of the commission, including the management of funds from contracts, the use of volunteers, and the establishment of a subcommittee to review the sale of personal property. It mandates that a portion of profits from contracts be reinvested into the properties and that the commission must adopt rules for acquisitions and sales of real and personal property, considering factors such as cultural significance and economic stability. The bill also stipulates that public notice and hearings must occur before any acquisition or sale of real property, ensuring transparency in the commission's operations. The act is set to take effect immediately upon passage and approval.

Statutes affected:
LC Text: 22-3-1003