Sec. 4-301. Acquisition of Real Estate by the University.
All acquisitions of real estate by the University, whether by purchase, gift or other form of acquisition, shall be subject to the approval of the Board.
Sec. 4-302. Certain Agreements Regarding Real Estate.
Notwithstanding Section 4-301 above, the President or Vice President for Administration and Finance is authorized to enter into the following types of agreements regarding real estate on behalf of the University:
Sec. 4-303. Lease of Real Estate by the University.
All leases of real estate by the University for a consideration in excess of $75,000 shall be approved by the Board. The President or Vice President for Administration and Finance is authorized to enter into leases of real property for a consideration up to $75,000, except that as to matters concerning solely for the FSU Grand Rapids campus, the President or Vice Chancellors for FSU Grand Rapids are authorized to enter into leases of real property for a consideration up to $75,000.
Sec. 4-304. Legal Review of Acquisitions and Leases of Real Estate by the University.
All option agreements, exclusive dealing agreements, purchase and sale agreements, and leases involving real estate to be entered into by the University must be reviewed by the University General Counsel's office or the Board Counsel prior to execution.
Sec. 4-305. Environmental Audit.
It is the policy of the University to fully comply with all federal and State laws pertaining to environmental contamination. It is also the policy of the University that before real estate is acquired, either by purchase, gift, bequest, or otherwise, an environmental audit be performed.
Business Policy Letter, BPL 04:07, Acquisition and Lease of Real Estate by the University
Prior Board Action:
Entire Subpart 4-3 included in October 19, 2001 Codification, Phase I.
Entire Subpart 4-3 included in October 22, 2004 Codification, Phase II.