Part 4 Subpart 4-9 Annual Review and Disposal of Surplus Real Estate

Sec. 4-902. Disposal of Properties Approved by the Board for Disposal.

With respect to each property approved by the Board for disposal, the Vice President for Administration and Finance shall assign responsibility for disposal to an appropriate Administration and Finance division employee, who shall obtain a written appraised value from a qualified appraiser, advertise the property for sale, and sell the property to the highest qualified bidder. The University shall retain the right to reject any and all bids, and the property shall not be sold for less than the appraised value as determined by the University-retained appraiser. As an option, if deemed appropriate, the property may be listed with a licensed real estate agent. All sales of real property by the University shall be reported to the Board within thirty (30) days of the sale.