Utah Admin. Code R850-140-300 - Designation of Development Property
1. The director may designate a property as a
development property upon the director's determination that the following
criteria are met:
(a) The property is located
in or near an urban area of the State or, in more rural locations, the property
is of a character suitable for current or future commercial, industrial,
resort, residential or other real estate development activities; or
(b) The agency has received inquiry from
private parties concerning the potential for development of the property or the
agency, after preliminary analysis, has determined that the probable highest
and best use for the property is for development purposes.
2. The director shall maintain a database of
each property designated as a development property. The director may remove
property from development designation at the discretion as deemed appropriate
for the best interests of the trust beneficiaries.
Notes
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