S.B. No. 1012 authorizes the sale or lease of certain real property located in Austin, Texas, specifically 20.3127 acres at 4400 Shoal Creek Boulevard and approximately 7.5 acres adjoining West 45th Street and Lamar Boulevard. The General Land Office is tasked with negotiating the sale or lease of the first property, with proceeds directed to a newly established bicentennial Texas State Library and Archives Commission fund for capital improvements and public accessibility to original source materials. The transaction is contingent upon the construction and occupation of a new state records facility to replace the existing one.

Additionally, the Health and Human Services Commission is permitted to lease the second property, with proceeds going to the Texas capital trust fund. The lease must include provisions for the commission's approval of the lessee's use of the property and grant easements to adjacent commission properties. The bill is set to take effect on September 1, 2025.