6.7 Real Estate Transactions - History

Board Policies
Chapter 6 - Facilities Management

Date of Implementation: 06/21/00
Date of Adoption: 06/21/00
Date of Last Review: 03/20/24

Date & Subject of Amendments:

03/20/24 – Full review. Proposed changes include increasing dollar amounts of property valuations for acquisitions and sales, and adding language referencing Board Policy 5.14 Contracts, Procurements, and Supplier Diversity.

04/19/17 – Updates document format, Adds “and Management” to the Policy title. Amends part 2 to add “chancellor’s designee” as part of approval and review authority; creates new Part 3 for thresholds and gives the chancellor authority to surplus and sell real property valued less than $250,000; adds requirement of board review and approval prior to acceptance of gifts of real property by colleges and universities. Adds Part 4 regarding eminent domain, and requires the board to identify the public purpose and necessity for the action. Adds “designee” to Part 3., Subparts A and B.

06/21/06 - Amends Part 1 requiring board approval for acquisition of real property valued at or greater than $250,000.

12/7/05 – Amends Part 1 clarifies the role of the Chancellor to review and approve real estate transactions, and clarifies the role of the Board to approve acquisitions funded by campus operating funds of real estate valued at or greater than $1M or valued at or greater than 1% of the schools annual operating budget and to approve all sales of real estate.

12/15/04 – Changes Part 1 giving the chancellor the authority to approve property acquisitions of less than $1 million or one percent (1%) of campus operating budget and dispositions and requires the chancellor to report acquisitions annually to the Board.

06/21/00 - Contains language formerly in Board policy 7.9; Added Part 1, Policy Statement; Added language in Part 2 delegating authority to the chancellor to execute and deliver documents regarding real property; Added Part 3, Accountability /Reporting