The state board of regents is hereby authorized to lease to the Kansas state college endowment association for a period of ninety-nine (99) years for one dollar ($1) per year and other valuable considerations, a tract of land containing approximately five and nine-tenths (5.9) acres of land described as follows: Part of the SE ¼ of section 12, township 10 south, range 7 east of the sixth principal meridian, more particularly described as follows: Beginning at the NW corner of the SE ¼ of said section 12, thence south along west line of said SE ¼ section 390 feet; thence east 660.5 feet parallel to the north line of said SE ¼ section; thence north 390 feet to the north line of said SE ¼ section; thence west 660.5 feet along the north line of said SE ¼ section to the point of beginning, containing 5.9 acres more or less, all in Riley county, Kansas.