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.

HB 4881 allows the Texas Military Department to negotiate with the Palo Pinto County Livestock Association to release the state's reversionary interest in property in Palo Pinto County. The bill requires the department to first determine the fair market value of the land (transferred to Mineral Wells in 1953) and any retained state interests in buildings or structures on that land. Negotiations will consider whether the state has already received fair market value through the property's use as a public livestock show and rodeo ground. If not, the department may accept monetary compensation to cover the remaining value owed before releasing the state's interests.