1. (1) If the agency receives an expression of competitive interest within the notice period, the director shall evaluate the offer and determine what action is in the best interest of the beneficiaries.

2. (2) The director shall provide the holder of a Statutory Purchase Right an opportunity to exercise the right within a time period determined by the director. To exercise a Statutory Purchase Right, the holder must give the agency written notice within the allotted time period and pay the higher of:

   1. (a) the fair market value of the subject parcel as determined pursuant to Section R850-80-300; or
   2. (b) the highest credible offer and associated terms of the sale received for the subject parcel.
3. (3) If the holder of a Statutory Purchase Right does not exercise the right within the allotted time period, the holder waives the right with respect to the particular sale.
4. (4) The director shall give the board and affected beneficiary prior notice of the proposed negotiated sale, which notice must describe the terms, reasons, and other pertinent facts of the proposed negotiated sale.

5. (5) Board approval of a negotiated sale is required if:

   1. (a) the fair market value of the subject parcel exceeds $250,000;
   2. (b) the subject parcel exceeds 320 acres; or
   3. (c) the agency receives a competitive offer on the subject parcel.
6. (6) The director may require the purchaser to pay a down payment and the costs and fees described in Subsection R850-80-610(5)

KEY: administrative procedures, sales

Date of Last Change: September 15, 2025

Notice of Continuation: May 26, 2022

Authorizing, and Implemented or Interpreted Law: 53C-1-302(1)(a)(ii); 53C-2-201(1)(a); 53C-4-101(1); 53C-4-102; 53C-4-104; 53C-4-202(6); 63G-2-305; 72-5-203(1)(a)(i); 72-5-203(2)(a)