(1) From and after March 16, 2011:

(a)

(i) The Department of Finance and Administration as managing agency for the Mississippi Veterans Memorial Stadium, upon consultation with Jackson State University and the Department of Health, shall transfer the operational, administrative and managing powers and duties over the Mississippi Veterans Memorial Stadium to Jackson State University, subject to an agreement reached by the Department of Finance and Administration, Jackson State University and the University of Mississippi Medical Center.

(ii) The Department of Finance and Administration as managing agency for the Mississippi Veterans Memorial Stadium, upon consultation with Jackson State University, the University of Mississippi Medical Center and the Department of Health, shall transfer, the real property located in Hinds County, Mississippi, generally known as the “Mississippi Veterans Memorial Stadium Property,” being any property under the jurisdiction of the Department of Finance and Administration as of July 1, 2008, and any other state-owned property located in the area bounded on the north by Taylor Street, on the west by North West Street, on the south by Woodrow Wilson Avenue and on the east by North State Street used as part of or in connection with the Mississippi Veterans Memorial Stadium, to Jackson State University and the University of Mississippi Medical Center in accordance with the provisions of this section and Sections 55-23-8 and 55-23-9 and subject to an agreement reached by the Department of Finance and Administration, the University of Mississippi Medical Center and the developer of the property with whom the Department of Finance and Administration entered into a development lease agreement on July 13, 1993, as amended by an agreement on August 19, 1994, less and except any portion of real property excluded from the development agreement pursuant to a settlement agreement issued in the Circuit Court of Hinds County, Mississippi, on September 16, 2009, better described as Parcel B recorded in Book 4216, page 330, at Hinds County Courthouse, First Judicial District, Jackson, Mississippi;

(b)

(i) The property that is the subject of the development agreement entered into on July 13, 1993, as amended by an agreement on August 19, 1994, less and except any portion of real property excluded from the development agreement pursuant to a settlement agreement issued in the Circuit Court of Hinds County, Mississippi, on September 16, 2009, better described as Parcel B recorded in Book 4216, page 330, at Hinds County Courthouse, First Judicial District, Jackson, Mississippi, shall be transferred to the University of Mississippi Medical Center;

(ii) The remainder of the Mississippi Veterans Memorial Stadium Property shall be transferred from the Department of Finance and Administration to Jackson State University, until such time as Jackson State University relocates its home football games to another venue. Once Jackson State University relocates its home football games to another venue, the portion of Mississippi Veterans Memorial Stadium Property conveyed to Jackson State University under this subsection (1) shall be transferred to the University of Mississippi Medical Center. From and after March 16, 2011, and at the point Jackson State University assumes possession of an operation of the real property transferred in this paragraph, Jackson State University shall have a three-year option to transfer said property back to the State of Mississippi;

(c) All necessary records, property, funds and other assets of the Mississippi Veterans Memorial Stadium shall be transferred from the Department of Finance and Administration to Jackson State University and/or the University of Mississippi Medical Center as applicable, in proportion to the interests that each such entity retains in the real property transferred under paragraphs (a) and (b) of this subsection; and

(d) Unless otherwise provided in the provisions of this section and Sections 55-23-8 and 55-23-9, any personal service, management or other contracts of like nature entered into by the Department of Finance and Administration, as such may apply to the properties transferred under paragraphs (a) and (b) of this subsection, shall be transferred to, acknowledged and complied with by Jackson State University and the University of Mississippi Medical Center as applicable to the interests that each such entity retains in the real property transferred under paragraphs (a) and (b) of this subsection.

(2) Any agreement reached by the Department of Finance and Administration, the University of Mississippi Medical Center and the current developer shall comply with all requirements of this section and Sections 55-23-8 and 55-23-9.

(3) From and after March 16, 2011, wherever the term “Department of Finance and Administration,” the term “Mississippi Veterans Memorial Stadium Commission” or the term “commission,” when referring to the Mississippi Veterans Memorial Stadium Commission, appears in the laws of the state, the terms shall mean “Jackson State University” or the “University of Mississippi Medical Center,” which shall be applicable to the interests that each such entity retains in the property transferred under subsection (1)(b) as stipulated in any agreement entered into by the Department of Finance and Administration, Jackson State University, the University of Mississippi Medical Center and the developer of the property for the transfer of such property and the administration and operations relating thereto.