Property: conveyance of state property; transfer of certain state-owned property in Sanilac County; provide for. Creates land transfer act.
What changed between versions
Added precise legal definitions for 'fair market value,' 'net revenue,' 'public use,' and 'unit of local government' to clarify how property transactions and restrictions will be evaluated.
Expanded the list of acceptable 'public use' categories to include public transportation, public parks and recreational areas, public health uses, and wildlife conservation or restoration.
Added new requirements for selling property below fair market value to local governments, including mandatory public notice, specific offer procedures, and strict timelines for purchase and conveyance.
Added provisions allowing the state to repossess property if it is used in violation of public use restrictions, and requiring grantees to pay the state 50% of gross revenue from any oil, gas, or mineral development.
Clarified that net revenue from property sales must be deposited in the state treasury and credited to the general fund, with specific deductions for administrative costs.