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School districts explore options for selling old facilities: developers eye investment possibilities.

Article Excerpt
There are a number of exciting real estate deals being put together between public school districts and the private sector, thanks to the Mississippi School Property Development Act. The law was passed in 2005 and enables school districts to sell unused buildings and to enter into agreements with developers on property that does not belong to the districts. It gives schools districts a vehicle for generating revenue and constructing needed facilities, along with putting abandoned facilities back on the tax rolls.

"That's what's so good about this law," says Jackson attorney Jim Young, who specializes in educational law. "It has flexibility and creativity and will be of interest to developers and those with creative minds."

He credits his partner, David Watkins, with pushing the law through the Legislature. At first, the law was enacted for five years with the stipulation that it would have to be reinstated after that time period. The law, however, was amended last year to take out the repealer and to take advantage...

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