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Tennessee Code Title 12. Public Property, Printing and Contracts § 12-2-116

Current as of January 02, 2024 | Updated by Findlaw Staff

(a)(1) Notwithstanding any other provisions of this part, the commissioner of general services, with the approval of the state building commission and subject to the policies and procedures of the commission, may in order to provide utilization of state-owned lands and facilities in the public interest, enter into agreements for the private development, redevelopment, construction and operation of facilities on lands owned by or under the control of the state.

(2) Such agreements may include provisions for the sale, lease or other conveyance of state-owned real property, subject to the approval of the commissioner and the state building commission. The requirements of § 12-2-112 shall not apply to such conveyances.

(b) Any agreements entered into in accordance with this section shall be entered into only after public advertisement and only after proposals have been requested and evaluated pursuant to the policies and procedures of the state building commission.

(c) Any agreements for the sale of state-owned real property entered into under this section shall contain the provision that the state shall have the first right for repurchase of such previously state-owned real property, including all improvements thereof, under any subsequent offer for sale of such real property. The repurchase amount shall be at no more than fair market value as established by appraisal.

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Cite this article: FindLaw.com - Tennessee Code Title 12. Public Property, Printing and Contracts § 12-2-116 - last updated January 02, 2024 | https://codes.findlaw.com/tn/title-12-public-property-printing-and-contracts/tn-code-sect-12-2-116/

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