Gulfport Referendum #2 Leases Required to be at Fair Market Value
Ballot Language:The City Charter presently does not provide the amount or process for a lease of City owned real property. Shall the City Charter be amended to require all leases of City owned real property be at Fair Market Value as determined by a licensed appraiser? Synopsis:In May 2025, the City Council appointed members to the Charter Review Committee to perform a full review of the City Charter for updates and/or changes.The current charter does not require leases to be at Fair Market Value as determined by a licensed appraiser. In addition, the City reserves the right to obtain a second appraisal, paid for and chosen by lessor, if there is a discrepancy in value. Concerns have arisen that some existing city leases might not reflect true market value, such as leases for $1/year.This referendum is related to Referendum #1 which limits these leases to five (5) years. Paired with the five year lease limitation, these referendums aim to reduce the undervaluation of public assets over long periods.Yes - For the MeasureRequire a licensed appraisal to determine the Fair Market Value of a lease and allow for a 2nd appraisal when there is a discrepancy.No - Against the MeasureLeave the current process in place which does not require a licensed appraisal to determine the Fair Market Value of a lease or a 2nd appraisal when there is a discrepancy.
