Governor Haley Barbour vetoes a house bill that would have allowed the state to sell the old school for the blind building in Jackson.
The bill was vetoed because it failed to include the option to lease the land and because of the current lackluster market for prime commercial real estate.
Without the authority to lease the property, the bill would have essentially required the sale of the property at "a time when commercial property prices are at a historic low."
Governor Barbour also says the bill set conditions that would have made the sale difficult.
It would have allowed the state to repurchase the property within ten years of the sale if the land wasn't used for its intended purpose.
Now similar legislation could be included in a special session, if necessary, when the legislature returns later this month.
That is, if the Department of Finance and Administration has the option to sell or lease the property and can assure that Mississippi taxpayers are getting a good deal when the property is developed.