(a) (1) The Building Authority Division may enter into an agreement with the Arkansas Livestock Show Association and make such contracts as are necessary for the purpose of purchasing the permanent site of the association and for the purchase or construction of buildings and facilities for the holding of the Arkansas State Fair and Livestock Show. (2) Any lands, buildings, or other improvements purchased by the state out of funds so provided shall belong to the State of Arkansas, and the division is empowered to enter into an agreement with and execute a lease for a term of fifty (50) years to the association for the use of the facilities for the sum of one dollar ($1.00) per year. (3) The lease shall be: (A) Executed at the time the state acquires title to the site now owned by the association; or (B) Extended as provided in this section. (4) The division reserves the right to cancel the lease, and it shall be forfeited back to the state in the event that no show is held during a period of four (4) consecutive years, unless the holding of any show is made impracticable by reason of war or acts of God. (b) (1) The association shall have the power to select architects and to draw and approve plans and supervise the construction of the buildings and improvements for the Arkansas State Fair and Livestock Show. (2) During the lifetime of the lease, the association shall be given the option to purchase the lands, buildings, and improvements upon the payment to the state of the principal amount due to the state on the purchase price. (c) (1) The division shall negotiate with the association and execute a lease with it for a term expiring December 31, 2055, for the sum of one dollar ($1.00) per year. (2) The lease shall include a provision that portions of the grounds suitable for the use of a standard stock car racing track and quarter horse racing track may be subleased by the association to any person who will, as a part of the transaction: (A) Hard-surface the automobile racetrack; (B) Build appropriate guardrails around the track; (C) Build a grandstand for spectators; (D) Build adequate concession stands and restroom facilities; and (E) Allow that portions of the grounds may be leased to other persons for use in connection with and consistent with the Arkansas State Fair and Livestock Show activities. (3) The property that is the subject of the lease described in this subsection includes the following lands constituting a part of the association grounds and parking areas lying within Pulaski County, Arkansas: (A) Lots 7, 8, 9, 10, 11, and 12, Block 2, Nettie F. Riffel Addition, City of Little Rock, Arkansas; (B) Lots 3, 4, 5, 6, 7, 8, 9, 10, 11, and 12, Block 3, Nettie F. Riffel Addition, City of Little Rock, Arkansas; (C) Lots 1, 2, 3, 4, 5, and 6, Block 4, Nettie F. Riffel Addition, City of Little Rock, Arkansas; (D) Lots 1, 2, 3, 4, and 5, Block 5, Nettie F. Riffel Addition, City of Little Rock, Arkansas; (E) Lots 1, 2, 3, 4, 5, 6, 7, 8, 9, and 10, Block 6, Nettie F. Riffel Addition, City of Little Rock, Arkansas; (F) Lots 1, 2, 3, 4, 5, 6, 7, 8, 9, and 10, Block 7, Nettie F. Riffel Addition, City of Little Rock, Arkansas; (G) Lots 1, 2, 3, 4, 5, 6, 7, 8, 9, and 10, Block 8, Nettie F. Riffel Addition, City of Little Rock, Arkansas; (H) All of that part of the South ½ of the Northeast ¼ of the Northwest ¼ and the Southeast ¼ of the Northwest ¼ of Section 16, Township 1 North, Range 12 West, that lies East of the Rock Island Railway; (I) Two (2) acres in the Southeast ¼ of the Northwest ¼ of Section 16, Township 1 North, Range 12 West, beginning at the point of intersection or the East boundary line of the right-of-way of the Choctaw and Memphis Railway (New CRI P Railway) and South boundary of said Southeast ¼ of the Northwest ¼ of said Section 16, running thence in a northwesterly direction along said right-of-way boundary 540 feet, thence due East parallel to the South boundary of said Southeast ¼ of the Northeast ¼ 165 feet, thence due South parallel to the East boundary line of said southeast ¼ of the northwest ¼ 535 feet to the point of beginning, containing exactly two (2) acres; (J) All that part of the Southeast ¼ of the Northeast ¼ of Section 16, Township 1 North, Range 12 West, lying east of the Missouri Pacific Railway and South of a line established by following the East line of the Missouri Pacific Railway south 828 feet from its intersection with the North line of the Southwest ¼ of the Northwest ¼, thence East 381 feet, thence Northeast parallel with the railway 150 feet, thence East to the East line of the Southwest ¼ of the Northwest ¼; and (K) The South 755.5 feet of that part of the Southeast ¼ of the Northwest ¼ of Section 16, Township 1 North, Range 12 West, lying West of the CRI P R/W, containing six and one-half acres. (d) (1) The division shall negotiate with the association and execute a lease with it for a term expiring December 31, 2055, for the sum of one dollar ($1.00) per year. (2) The property that is the subject of the lease described in this subsection includes the following lands lying within Pulaski County, Arkansas: (A) Lots 1 and 2, Block 2, Nettie F. Riffel Addition, City of Little Rock, Arkansas; (B) The West 1/3 of lots 11 and 12, Block 1, Nettie F. Riffel Addition, City of Little Rock, Arkansas; (C) Lots 5, 11, and 12, Block 4, McCarthy's Addition, City of Little Rock, Arkansas; (D) Lot 7, Block 11, Sunset Addition to the City of Little Rock, Pulaski County, Arkansas, and the West ½ of an adjacent closed alley. And that part of West 32nd and Schiller Streets beginning at the Southeast corner of Lot 7, Block 11, Sunset Addition, thence South 25 feet, thence West 165 feet, thence North 25 feet, thence East 165 feet to the point of beginning; and (E) Lots 1 to 22, incl, Block 21; Lots 1 to 22, Block 22; Lots 1 to 11 include Block 26; Lots 12 to 22, Block 29; Lots 1 to 11, incl, Block 23, Adams Addition to the City of Little Rock, Arkansas.