(1) The general assembly declares that its intent in enacting this section is to authorize the transfer of interests in land to local governments or special districts in exchange for fair and adequate consideration. (2) If the state board of land commissioners seeks to dispose of a parcel of land to a local government or special district, the state board shall give public notice of its intent pursuant to subsection (3) of this section. Not less than sixty days after the date of notice, the state board shall meet in public session to hear and receive testimony and evidence concerning the proposed disposal. After giving full consideration to the testimony as well as its legal mandates, the state board shall vote whether to approve the transaction. (3) For purposes of property disposals under this section, notice shall be published in four consecutive issues of a weekly paper of the county in which such land is situated, in such other papers as the state board of land commissioners may direct, and on the state board's public website. The state board shall directly notify, by e-mail if available, all lessees of the property and all governmental entities within whose boundaries the proposed transaction will take place. The notice shall identify the parcel, the local government or special district to receive the property interest, the purpose and benefit of the disposal, and the time and location of the public hearing. (4) The state board of land commissioners shall not complete more than two transactions pursuant to this section in a fiscal year. All disposals pursuant to this section shall: (a) Be based on fair market value as determined by the state board that is consistent with an independent appraisal conforming to the uniform standards of professional appraisal practice standards; and (b) Identify the purpose of the disposal of property as: (I) Adding value to adjoining or nearby state trust property; (II) Complying with valid local land use regulations as required by section 10 of article IX of the state constitution; or (III) Benefitting state board operations. (5) Repealed.
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