Property: conveyance of state property; transfer of certain state-owned property in Kent County; provide for. Creates land transfer act.

Added a specific procedure for handling competing offers when selling property below fair market value to local governments, requiring the department to determine the best interest of the state.

Added a requirement that the state receive 50% of gross revenue if any oil, gas, or minerals are developed on the conveyed property.

Added a clause reserving all aboriginal antiquities, such as burial sites and earthworks, to the state with the power to enter and excavate the property.

Added a requirement that the property be used exclusively for public purposes for 30 years after conveyance if sold below fair market value.

Added new definitions for 'Fair market value', 'Local unit of government', 'Net revenue', and 'Public use' to clarify how the bill applies.

Added specific conditions allowing the state to reenter and repossess the property if it is used inconsistently with public use restrictions or if oil/gas revenues are not paid.

Updated the property description to include the full street address and specific lot numbers in the city of Rockford.

Added specific property details, including the address, lot numbers, and approximate acreage of the land being conveyed.

Established a 30-year public use requirement for the property and a right of first refusal for the state to repurchase the property if the local government sells it within that period.

Mandated that if the property is sold for less than fair market value, the public use restriction automatically ends after 30 years unless the state repossesses it.

Specified that net revenue from the sale goes to the state treasury's general fund and defined 'net revenue' to include deductions for administrative and legal costs.

Provided clear definitions for terms like 'fair market value', 'local unit of government', 'net revenue', and 'public use' to guide the implementation of the bill.

Authorized the attorney general to take legal action to regain possession of the property if the local government fails to comply with public use restrictions or state reentry rights.