Utah Admin. Code R850-140-700 - Amendments to Development Transactions
1. The agency may amend development
transactions subject to the conditions contained in Subsections R850-140-700(2)
through (4).
2. No amendment to a
development transaction shall result in the trust receiving less than fair
market value for the sale, use, or exchange of the property in
question.
3. The director shall
deliver a summary description of the terms of proposed material amendments to
minor or major development transactions to the board with sufficient detail to
permit the board to review the proposed amendment consistent with its statutory
duties.
4. Any amendments that will
materially change the financial terms of a joint venture, Other Business
Arrangement, or major development transaction must be approved by the
board.
Notes
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