1. (1) When evaluating the lease of an Eligible Property to the Utah Department of Natural Resources pursuant to Section 53C-4-104, the director shall consider the following factors:

   1. (a) whether selling the Eligible Property to the Utah Department of Natural Resources pursuant to Section R850-80-630 would better serve the interests of the affected beneficiaries; and
   2. (b) whether waiving the advertising requirements described in Subsection 53C-4-102(3) and Title R850 pursuant to Subsection 53C-4-104(1)(c) is in the best interest of the affected beneficiaries.
2. (2) The determination of the fair market value of the leasehold pursuant to Section R850-30-400 shall be informed by at least one valuation appraisal, as that term is defined in Subsection 61-2g-102(1)(a)(ii)(C).
3. (3) An appraisal conducted under this section must comply with the current Uniform Standards of Professional Appraisal Practice and be conducted by a qualified independent third-party appraiser. The director may require that appraisals comply with the Uniform Standards for Federal Land Acquisitions.

4. (4) A qualified appraiser under this section must:

   1. (a) be a state-certified general appraiser, as that term is defined in Section 61-2g-102; and
   2. (b) have demonstrated experience in appraising large rural properties.
5. (5) The director shall make a written finding that upon consideration of the factors listed in Section R850-30-550 and Subsection R850-30-700(1) the lease of an Eligible Property to the Utah Department of Natural Resources is in the best interest of the affected beneficiaries. The director shall provide the written finding to the board.

6. (6) The board must consider the lease of an Eligible Property at an open meeting and take public comment on:

   1. (a) the terms of the proposed leased; and
   2. (b) the director's finding that waiving the advertising requirements pursuant to Subsection 53C-4-104(1)(c) is in the best interest of the beneficiaries.

7. (7) At least 30 days prior to the board's consideration of the lease at an open meeting, the director shall give notice of the proposed lease to:

   1. (a) the legislative body of each county in which a portion of the Eligible Property is located;
   2. (b) lessees and permittees of record on the Eligible Property;
   3. (c) adjoining landowners as shown on county records;
   4. (d) the affected beneficiary institution; and
   5. (e) the Land Trusts Protection and Advocacy Office.

8. (8) The notice of lease must include:

   1. (a) a general description of the Eligible Property and a brief description of its location, including township, range, and section; and
   2. (b) the date, time, and location of the meeting where the board will consider the lease.
9. (9) The lease of an Eligible Property under Section 53C-4-104 must be approved by the board before the director may execute the lease.

10. (10) The director may require the Utah Department of Natural Resources to deposit funds in advance to offset the anticipated costs to prepare the parcel for lease.

    1. (a) If the director terminates the lease application prior to finalization of a lease agreement, the director shall refund the deposit to the department.
    2. (b) If the department withdraws the lease application prior to finalization of a lease agreement, the agency may retain the deposit.

KEY: administrative procedures, leases, trust land management, request for proposals

Date of Last Change: September 15, 2025

Notice of Continuation: May 26, 2022

Authorizing, and Implemented or Interpreted Law: 53C-1-302(1)(a); 53C-4-101(1); 53C-4-104; 53C-4-202