Property: conveyance of state property; transfer of certain state-owned property in Eaton County; provide for. Creates land transfer act.
The act stipulates that the conveyance must be executed at a fair market value, which will be determined by an independent appraiser. This means that there will be a financial transaction associated with the transfer, and it aims to ensure that the state does not incur any losses in relation to the property. Revenue generated from the sale of the land will be directed into the state treasury, specifically to the general fund. This strategic management of state resources can impact overall funding allocations for various state projects and initiatives.
Senate Bill No. 644 proposes to authorize the state administrative board to convey state-owned property located in Eaton County to the Michigan Police Equipment Company. The primary objective of the bill is to facilitate the transfer of ownership of a piece of land that the Michigan Police Equipment Company has encroached on. The bill indicates that the land is surplus to the state's needs and aims to resolve the encroachment issue by officially transferring the ownership to the affected entity within a period of two years after the bill's enactment.
Moreover, the bill includes provisions that require the conveyance to reserve certain rights to the state concerning any potential discoveries of oil, gas, or minerals beneath the transferred property. The Michigan Police Equipment Company or any successor must pay the state half of the gross revenue from such developments, ensuring that the state retains some level of economic benefit from the land even after its sale. Additionally, the bill maintains an emphasis on preserving aboriginal antiquities that may be present on the property, showing a consideration for historical and cultural preservation amidst the conveyance.