PROPERTY CONVEYANCE H.B. 6403:
FLOOR SUMMARY
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House Bill 6403 (as reported without amendment)
Sponsor: Representative Joan Bauer
House Committee: Appropriations
Senate Committee: Appropriations
CONTENT
The bill would authorize the State Administrative Board to convey property located in DeWitt Township, Clinton County.
Specifically, the bill would authorize the State Administrative Board to convey 4.98 acres to Emergent BioSolutions for not less than fair market value, as determined by an appraisal. The property consists of a parking lot and about 5,400 square feet of temporary office structure. Emergent BioSolutions has leased this property from the State since 2004. If the proposed sale were not completed within 180 days after the bill's effective date, the Department of Management and Budget would be required to take necessary steps to convey the property through competitive bidding, public auction, real estate brokerage services, or offering the property for sale to a local unit of government.
Under the bill, the State would not reserve the mineral rights to the property conveyed. However, if the purchaser or any grantee developed any oil, gas, or minerals found on, within, or under the conveyed property, the State would receive one-half of the gross revenue generated from the development of the minerals. All rights in aboriginal antiquities, including mounds, earthworks, forts, burial and village sites, mines, and other relics, on, within, or under the property would be reserved by the State.
FISCAL IMPACT
An appraisal of the property was completed in 2008, and estimated the value of the property at $413,000. Net revenue from the sale of the property would be deposited in the State General Fund.
Date Completed: 10-6-08 Fiscal Analyst: Bill BowermanAnalysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent. hb6403/0708