HB4881 - Relating to the authority of the Texas Military Department to negotiate the release of a reversionary interest and certain other interests of the state in certain property in Palo Pinto County owned by the Palo Pinto County Livestock Association.

  89R851 PRL-D     By: Olcott H.B. No. 4881       A BILL TO BE ENTITLED   AN ACT   relating to the authority of the Texas Military Department to   negotiate the release of a reversionary interest and certain other   interests of the state in certain property in Palo Pinto County   owned by the Palo Pinto County Livestock Association.          BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:          SECTION 1.  (a) The Texas Military Department shall   determine the fair market value of the property described in   Section 2 of this Act on the date the property was transferred by   the state to the City of Mineral Wells as provided by Senate Bill   197, Acts of the 53rd Legislature, Regular Session, 1953. The Texas   Military Department shall also determine the present fair market   value of interests retained by the state in buildings, structures,   and other property located or installed on the transferred property   as required by that Act. The fair market value of the transferred   property and other property interests may be established by an   independent appraisal obtained by the Texas Military Department or   by another means determined reasonable by the department if an   independent appraisal of that value is not feasible.          (b)  Upon determining the fair market value of the property   described in Section 2 of this Act and any buildings, structures, or   other property located or installed on that property, as provided   by Subsection (a) of this section, the Texas Military Department   shall negotiate and close a transaction with the Palo Pinto County   Livestock Association for the release of the state's reversionary   interest in the property described by Section 2 of this Act and any   other interest of the state in buildings, structures, or other   property located or installed on that property.          (c)  In negotiating and closing the transaction under   Subsection (b) of this section, the Texas Military Department shall   determine whether the state has received as consideration for the   state's transfer of the property described by Section 2 of this Act   the fair market value of the property, as determined under   Subsection (a) of this section, through the property's use since   its transfer for a fair, livestock show, and rodeo ground in   furtherance of a public purpose of this state, as provided by   covenants imposed in consideration of the transfer. The Texas   Military Department shall also consider whether the state has   received sufficient additional consideration through that use to   equal the present fair market value of buildings, structures, or   other property located or installed on the property described by   Section 2 of this Act to which the state retains title.          (d)  If the Texas Military Department determines that the   state has received the fair market value of the property described   by Section 2 of this Act and any buildings, structures, or other   property located or installed on that property, as determined under   Subsection (a) of this section, the department shall by appropriate   instrument release the state's reversionary interest in the   property described by Section 2 of this Act and the state's interest   in any buildings, structures, or other property located or   installed on that property. Otherwise, the department may release   those interests in exchange for sufficient monetary consideration,   as determined by the Texas Military Department, to provide the   remaining value owed to the state for the state's transfer of the   property described by Section 2 of this Act and for any buildings,   structures, or other property installed on that property.          SECTION 2.  The real property to which Section 1 of this Act   applies is situated in Palo Pinto County, Texas, and is described   more particularly as follows:          A part of Section 13, Abstract 701, T. & P. R. R. Co. Surveys   East of the Brazos in Palo Pinto County, Texas, and described by   metes and bounds as follows:          BEGINNING at a point on the West line of said Section 13, 1044   feet North of the Southwest corner of said section, said beginning   point being on the West line of a tract of 86.5 acres described as   "First Tract" in a deed dated June 18, 1937, from A. L. Howard and   wife, Virginia Howard, to the State of Texas;          THENCE North with the West line of said section, following   the West line of said 86.5 acre tract and the West line of a 45 acre   tract described as "Third Tract" in the above mentioned deed, a   total distance of 2586 feet to the Northwest corner of said 45   acres;          THENCE East with the North line of said 45 acres 625.8 feet to   corner;          THENCE South 2586 feet to corner;          THENCE West 625.8 feet to place of beginning.          SECTION 3.  This Act takes effect immediately if it receives   a vote of two-thirds of all the members elected to each house, as   provided by Section 39, Article III, Texas Constitution.  If this   Act does not receive the vote necessary for immediate effect, this   Act takes effect September 1, 2025.