Barbour vetoes school-sale bill
Published: April 2,2010
JACKSON — Gov. Haley Barbour has vetoed House Bill 637, legislation that would have allowed the state to sell the Old School for the Blind in Jackson.
According to Barbour, the bill failed to include the option to lease the land and because of the current lackluster market for prime commercial real estate, among other reasons.
Without the authority to lease the property, the bill would have essentially required the sale of the property at a time when commercial property prices are at historic lows, Barbour added.
Barbour wrote: “To get the highest and best use of this property, the state should retain the option to sell or lease the property. Eliminating the authority to lease the property diminishes the options available for the development of this property and thus shortchanges the people of the City of Jackson and the taxpayers of this state.”
Barbour also said the bill set conditions that would have made a sale difficult. It would have allowed the state to repurchase the property within 10 years of the sale if the land was not used for the “intended purpose stated at the time of sale” or abandoned by the purchaser, but the bill did not specify the purchase price.
“It is not clear to me whether the repurchase price would account for any improvements made to the property, which would certainly deter potential buyers and lenders alike from investing and developing this property,” Barbour said.
Barbour said he would include similar legislation in a special session, if necessary, when the Legislature returns later this month, if the Department of Finance and Administration has the option to sell or lease the property, assuring Mississippi taxpayers they are getting a good deal when the property is developed.
To sign up for Mississippi Business Daily Updates, click here.
One Response to “Barbour vetoes school-sale bill”
Top Posts & Pages
- Ex-prison boss and businessman admit to bribery scheme
- ASA postmortem: industrial recruiting is a constant cycle of death and life
- MARTIN WILLOUGHBY — Doug Dale’s self-awareness helps lift him to top of his game
- MBJ Business Woman of the Year Top 10
- JOSH MABUS — Inbound marketing is fueled by wishful thinking
- (UPDATED — BREAKING NEWS) American Specialty Alloys won’t locate $1.2B mill in Mississippi
- Meet the MBJ's Businesswoman of the Year — Rosemary Smith, a business hotshot
- Prison won’t interrupt ex-prison chief’s retirement cash flow
- DAVID DALLAS — Delbert Hosemann: An unsung hero chooses to remain so