Sec. 3. (a) Subject to this section, the state shall convey or lease the real property to the city. (b) The conveyance or lease required by this section may be made in one (1) or more transactions. (c) The city must use the real property for economic development projects. (d) The conveyance or lease shall be made under terms and for the consideration that is agreed upon between the city and the state. However, the terms must require that all payments made under the conveyance or lease must be made directly to and for the use of the state institution.
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