Kelly parcel-sale and leasing requirements.

HB 121 authorizes Wyoming to lease, sell, or exchange a specific 640-acre parcel (the "Kelly parcel" in Teton County) under strict conditions. It requires leases to be for conservation only, with minimum $6 million annual payments and no development allowed, while allowing up to 10 years of renewal. For sales, the bill mandates a minimum $750 million price, with proceeds deposited into the common school fund, and permits exchanges for mineral interests valued at least $1 billion (e.g., coal or trona in Wyoming). The bill directly affects the state lands department, potential lessees, and purchasers of the parcel, with all transactions requiring board approval.