Lease of Mississippi Veterans Memorial Stadium property; compliance with existing lease agreements by Jackson State University and University of Mississippi Medical Center.

Miss. Code Ann. § 55-23-8
in effect
Sign in to generate a plain English summaryAsk Belisarius Agent
Jackson State University and the University of Mississippi Medical Center shall comply fully with the terms of any lease agreement entered into by the Department of Finance and Administration with any public or private entity for that portion of the Mississippi Veterans Memorial Stadium Property transferred to and under its jurisdiction as provided in Section 55-23-6, including the existing lease agreement between the Department of Finance and Administration and the University of Mississippi Medical Center entered into on February 23, 2009, as amended from time to time, unless and except that public or private entity breaches the terms of the lease agreement or defaults on lease payments or upon an agreement of the parties to terminate. The University of Mississippi Medical Center may enter into agreements with any developer for the property conveyed to the University of Mississippi Medical Center under Section 55-23-6, or any lessee or lessees (or any designee of any such lessee or lessees), which agreements may extend over any period of time not exceeding the term of such lease (including renewals and extensions), pursuant to which the state shall be obligated to purchase contractual rights and/or improvements constructed on such property and/or any residual rights in connection with such improvements upon terms and for a purchase price, not to exceed Ten Million Dollars ($10,000,000.00). The University of Mississippi Medical Center, in its discretion, is authorized to enter into all other agreements as may be necessary or appropriate in connection with any financing by any lessee or lessees (or any designee of any such lessee or lessees) of any improvements to be constructed on property leased from the University of Mississippi Medical Center. Any lease, renewal thereof, or other agreement entered into by the University of Mississippi Medical Center under this section shall not be valid unless approved by the Board of Trustees of State Institutions of Higher Learning. Any lessee or lessees (or any designee of any such lessee or lessees) of property leased from the University of Mississippi Medical Center under this section shall not be considered as being the state, any political subdivision of the state or any officer or servant of the state for the purposes of any liability that may be waived under Section 11-46-1 et seq. The University of Mississippi Medical Center, or the Department of Finance and Administration, acting on behalf of the state or any state agency, is authorized to perform any additional steps and necessary duties to fully implement the provisions of this section and Sections 55-23-6 and 55-23-9, as the exercise of such authority relates to the negotiation or renegotiation of certain leases or acquiring rights in any property under any existing lease with the Department of Finance and Administration. In addition to the requirement imposed upon the University of Mississippi Medical Center and Jackson State University to fully comply with the terms of all lease agreements entered into concerning the “Mississippi Veterans Memorial Stadium Property,” the process of eminent domain shall not be used to acquire possession of any property interest leased under the provision of any existing development lease entered into on the property at anytime before the expiration of the term of the original lease or any amendment made thereto.

Starting a business in Mississippi? Mississippi LLC guide: costs and requirements