(1) There is established the Mississippi Arts and Entertainment Center (“Center”) to be housed in a state-owned facility or facilities located within the corporate limits of Meridian, Mississippi. The purpose of the Center shall be to provide an educational, entertaining and interactive facility to capture the essence of Mississippi’s legacy in the arts and celebrate the richness and depth of that legacy and the Mississippians who created it with the world; and to provide family-oriented attractions in the delivery of an educational experience to citizens of, and visitors to, Mississippi.

(2) The Center shall be a state-of-the-art facility which may include, but not be limited to, MAEC exhibits, a state-sanctioned Mississippi Arts and Entertainment Hall of Fame inducting icons in all genres of arts and entertainment, Walk of Fame, auditorium, outdoor performance plaza, and broadcast/recording facility. The Center will provide a vast educational resource for individuals and educators offering unparalleled insight into the lives and stories of Mississippi arts and entertainment treasures through seminars, workshops and demonstrations by guest professionals and/or amateur artists. The Center may promote, advertise and market its efforts under the name of the Center itself, as “the Mississippi Arts and Entertainment Experience,” or in such other manner as calculated to best further the goals and objectives of the Center.

(3) The duties and objectives of the Center shall be:

(a) To stimulate and encourage throughout the state the study and presentation of the performing, visual, and literary arts and public interest and participation therein;

(b) To encourage participation in, appreciation of, and education in the arts to meet the legitimate needs and aspirations of persons in all parts of the state;

(c) To take such steps as may be necessary and appropriate to encourage public interest in the cultural heritage of Mississippi and the south to expand the state’s cultural resources, and to promote the use of art in state government’s activities and facilities; and

(d) To encourage excellence and assist freedom of artistic expression essential for the well-being of the arts.

(4) The Department of Finance and Administration shall have the authority to lease or contract with, for a period not to exceed fifty (50) years, a nonprofit corporation whose primary purpose for incorporation is the support, improvement, administration and operation of the Center as provided for in subsections (1) and (2) of this section. The Department of Finance and Administration may establish the terms of the agreement. The benefit to Mississippi from the operation of this lease or contractual agreement shall be considered a sufficient consideration. The lease or contract shall require the nonprofit corporation to pay for any and all utility costs incurred by the Center and, therefore, the construction of the Center shall not be subject to the energy performance requirements for major facility projects contained in Section 31-11-35. The nonprofit corporation is authorized to hold public hearings, to enter into contracts within the limit of funds available therefor, with individuals, organizations and institutions for services furthering the objectives of the Center’s programs; to enter into contracts, within the limit of funds available therefor, with local and regional associations for cooperative endeavors furthering the objectives of the Center’s programs; to make and sign any agreements and to do and perform any acts that may be necessary to carry out the purposes of this section.

(5) The Department of Finance and Administration may enter into any agreement with a nonprofit corporation necessary for the construction, operation and administration of the Center and may establish the terms of the agreement. For the construction, operation and administration of the Center, such nonprofit corporation may receive and expend any funds made available in any manner by public or private sources and may receive contributions and donations of land or other property and other forms of financial assistance and property, equipment, materials or manpower from persons, foundations, trust funds, corporations, organizations, and other public or private sources to be expended and used in carrying out the mission of the Center. Any real property purchased or received by donation for the Center shall be titled in the name of the State of Mississippi for the benefit and use of the Department of Finance and Administration.

(6) For any lease or contractual arrangement to which the Department of Finance and Administration and a nonprofit corporation are a party to as provided in subsection (5), the nonprofit corporation shall, along with the possessory and leasehold interests and/or real and personal property of the corporation, be exempt from all ad valorem taxation, including, but not limited to, school, city and county ad valorem taxes, for the term or period of time stated in the lease or contractual arrangement.