- (1) Ordinarily, for a conveyance, lease, or disposal of division-owned real property for fair market value pursuant to Subsection 63A-5b-303(1)(a)(viii), the division shall follow the procedures established in Section 63A-5b-905, Section 63A-5b-906 and Section 63A-5b-907 for a transfer of ownership or lease of vacant division-owned property for less than fair market value.
- (2) A conveyance, lease, or disposal of division-owned real property for fair market value pursuant to Subsection 63A-5b-303(1)(a)(viii) that does not follow the procedures established in Section 63A-5b-905, Section 63A-5b-906 and Section 63A-5b-907 for a transfer of ownership or lease of vacant division-owned property for less than fair market value requires the written approval of the Executive Director or the Executive Director's designee, after consultation with the Governor or the Governor's designee.
- (3) In making the determination whether to approve a conveyance, lease, or disposal of division-owned real property pursuant to Subsection (2), the Executive Director or the Executive Director's designee and the Governor or the Governor's designee shall consider the best interests of the state and may consider the applicable "Benefit to the State" criteria established in Section R23-22-4, as well as any other factors relevant to a determination whether a conveyance, lease, or disposal of division-owned real property pursuant to Subsection (2) is in the best interest of the state.
- (4) For conveyances of division-owned real property for fair market value pursuant to Subsection 63A-5b-303(1)(a)(viii), the division shall establish the fair market value of the property to be conveyed based upon an appraisal completed by an appraiser that is a state-certified general appraiser under Section 61-2g-314, or, if determined by the director that it is in the interest of the state, a State of Utah licensed MAI appraiser.
- (5) For exchanges of division-owned real property for fair market value pursuant to Subsection 63A-5b-303(1)(a)(viii) and (c)(ii), the division shall establish the fair market value of the property to be conveyed based upon an appraisal completed by an appraiser that is a state-certified general appraiser under Section 61-2g-314, or, if determined by the director that it is in the interest of the state, a State of Utah licensed MAI appraiser. Additionally, the director shall establish that the fair market value of the property to be acquired by exchange is adequate consideration for the property conveyed based upon an appraisal of the property to be acquired completed by an appraiser that is a state-certified general appraiser under Section 61-2g-314, or, if determined by the director that it is in the interest of the state, a State of Utah licensed MAI appraiser.
- (6) For leases of division-owned real property by the state as landlord for fair market value pursuant to Subsection 63A-5b-303(1)(a)(viii), the division shall compare the proposed rent to current market rates and ensure that the proposed rent is reasonable under current market conditions and shall compare proposed significant lease terms to the current market, and ensure that the proposed terms are reasonable under current market conditions.
- (7) The requirements of Section R23-21-5 may not be waived by the director undersection R23-21-6.
KEY: leases, leasing services, purchases and exchanges of real property
Date of Last Change: January 22, 2025
Notice of Continuation: August 30, 2022
Authorizing, and Implemented or Interpreted Law: 63A-5b-305; 63A-5b-806