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.

Contracts

• Settlement Agreement: The Association must execute a binding agreement with TMD detailing the transfer terms.
• Release Instrument: A formal legal instrument releasing the state’s reversionary interest must be drafted, signed, and filed with the Palo Pinto County Clerk to perfect the title.

Hiring/Training

• Negotiation Lead: The Association must designate a specific officer or legal counsel to interface with the TMD Real Property division.
• Appraisal Oversight: Personnel must be prepared to audit government appraisals. No new general staff training is required.

Reporting & Record-Keeping

• Historical Deed Retrieval: You must produce the original transfer documents related to Senate Bill 197 (53rd Legislature, 1953).
• Public Purpose Documentation: The law allows a credit against the purchase price for "public service." You must compile a comprehensive dossier of all fairs, livestock shows, and rodeos held on the property since 1953 to prove continuous use.
• Asset Inventory: Create a strict inventory separating state-constructed improvements (which the state owns) from Association-funded improvements (which are excluded from the state's valuation).

Fees & Costs

• Purchase Consideration: The Association may be required to pay monetary consideration. The cost formula is: *(1953 Land FMV + Current State-Owned Structure FMV) - (Value of Historical Public Service).*
• Legal & Title Fees: Budget for title insurance and filing fees immediately upon closing.