9.8 Real Property Ownership and Asset Management
9.8.1 Acquisition
The Chancellor and the ÐÔÊÓ½çAPP (USG) chief facilities officer may execute documents and take other actions in the name of, under the Seal of, and on behalf of the Board of Regents of the ÐÔÊÓ½çAPP without prior approval by the Board, any and all contracts, agreements, deeds, licenses, or other instruments related to the purchase or gift of real property where the purchase price or gift value of the real property does not exceed $1,000,000 and is at or below fair market value as determined by an independent and licensed real estate appraiser and where the property is not be subject to any adverse reversions, restrictions, covenants, or easements.
For gifts of property, a written opinion of value by a licensed real estate professional may be used in lieu of appraisal.
For acquisitions exceeding $1,000,000, at least two appraisals from independent and licensed real estate appraisers are required to validate the purchase price.
Board approval is required for any property acquired by condemnation, regardless of value.
9.8.2 Disposition
9.8.2.1 Sale of Property
The Chancellor and the ÐÔÊÓ½çAPP (USG) chief facilities officer may execute documents and take other actions in the name of, under the Seal of, and on behalf of the Board of Regents of the ÐÔÊÓ½çAPP without prior approval by the Board any and all contracts, agreements, deeds, licenses, or other instruments related to the disposition of real property where the sale, transfer, or exchange price of the real property does not exceed $1,000,000 and is at or above fair market value as determined by an independent and licensed real estate professional.
For dispositions where the sale, transfer, or exchange price exceeds $1,000,000, at least two appraisals from independent and licensed real estate appraisers are required to validate the purchase price.
9.8.2.2 Conveyances for Transportation Improvements
The Chancellor and the USG chief facilities officer may declare, without prior approval of the Board, that real property is no longer advantageously useful to any USG institution but only for the purpose of conveying title for public road improvements provided that no more than five acres of real property is to be conveyed.
The Chancellor and the USG chief facilities officer may request, without prior authorization of the Board, that the Governor execute a deed without warranty, quitclaim deed, or other deed of conveyance for real property for the purpose of conveying title for public transportation improvements provided that less than five acres of real property is conveyed.
9.8.2.3 Demolition
The Chancellor and the USG chief facilities officer may declare, without further approval of the Board, that a building or structure owned by the Board of Regents is no longer advantageously useful to any USG unit, for the sole purpose of authorizing demolition, and to request that the Governor issue an executive order authorizing demolition, provided that such building or structure is not eligible for a national or state historic register, and is either:
- Vacant, and has been vacant, for an extended period of time;
- Not a cost-effective candidate for repair based on a cursory examination;
- Obsolete and no longer necessary to provide support for which it was constructed and no longer needed to support academic programs; or,
- Consistent with the institution physical master plan and a Regents-approved capital improvement project.
In the event that a building or structure is declared eligible for a national or state historic register, Board action is required to declare the building or structure no longer advantageously useful to any USG unit for the sole purpose of authorizing demolition and to request that the Governor issue an executive order authorizing demolition.
9.8.3 Easements
The Chancellor and the USG chief facilities officer may declare, without prior approval of the Board, that real property is no longer advantageously useful to any USG institution but only to the extent and for the purpose of granting a non-exclusive easement. The Chancellor and the USG chief facilities officer may approve, without prior approval of the Board, the execution and delivery of non-exclusive easements or revocable license agreements or permits for improvements, utilities, and appurtenances to the utilities, above, across, or under Regents’ property by any entity to the extent necessary to serve or for the benefit of a USG institution.
9.8.4 Timber Sales
The Georgia Forestry Commission provides assistance to the USG and its institutions in the efficient and timely harvesting of timber growing or produced on USG lands. The Commission will designate and prepare for sale those timber products that should be harvested on USG property, which are declared to be surplus property that can no longer be advantageously used in the USG. The sale of all such timber products is declared to be in the USG’s best interest.
The USG chief facilities officer shall act as the liaison between the Board of Regents and the Georgia Forestry Commission in the management, sale, and disposition of timber and its byproducts for land not under the management of the School of Forestry and Natural Resources at the University of Georgia.
The proceeds from such timber sales, after deducting the cost and expenses thereof, shall be paid to the institution having jurisdiction of the lands from which the timber was cut.
On those lands owned by the Board of Regents and under the management of the School of Forestry and Natural Resources at the University of Georgia, the foresters of said school will designate and approve all sales of timber products and prepare the same for sale in keeping with sound and efficient forest management practices. All such sales shall be reported to the USG chief facilities officer.
9.8.5 Reporting
The USG chief facilities officer shall periodically update the Board of Regents on real estate acquisitions, dispositions, easements, and timber sales.
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