(1) It is expressly provided and stipulated that the land which is conveyed pursuant to Sections 29-1-205 and 29-1-209 shall be used in the furtherance of the work of the organization and with the understanding that if or when the property is no longer used exclusively for that purpose that the title to the property and all improvements, rights and appurtenances thereon shall revert to and be vested in the State of Mississippi, under the following condition: Consideration for the reversion of any improvements constructed on the property by the organization shall be paid by the State of Mississippi to the organization from any funds appropriated or otherwise made available for such purpose. Consideration for such reversion shall be the average of the fair market value of such improvements as determined by two (2) professional property appraisers, one (1) of whom to be selected by the Department of Finance and Administration and one (1) of whom to be selected by the organization, who are certified and licensed by the Mississippi Real Estate Appraisal Board. Appraisal fees shall be paid by the selecting party. inistration and one (1) of whom to be selected by the organization, who are certified and licensed by the Mississippi Real Estate Appraisal Board. Appraisal fees shall be paid by the selecting party. Fair consideration shall also be paid by the State of Mississippi for any payments made by the nationally recognized organization to the state for the purchase of such property.(2) It is expressly provided that the land which is conveyed pursuant to Sections 29-1-205 and 29-1-209 shall automatically revert to and be vested in the state if construction of the national headquarters has not commenced within two (2) years from the conveyance of such property.Laws, 1989, ch. 564, § 3; Laws, 1995, ch. 516, § 2, eff. 3/31/1995.Amended by Laws, 2023, ch. 501, SB 2673,§ 22, eff. 7/1/2023.
Mississippi Legal Code