Utah Admin. Code R23-21-5 - Conveyances, Leases or Disposal of Division-Owned Real Property for Fair Market Value
(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.
Notes
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