POLICY 4:02:09:00

SUBJECT: Property Acquisition

Pursuant to T.C.A. § 49-8-111, the State Board of Regents has the authority to purchase and condemn land, and to receive donations of property on behalf of institutions and area vocational-technical schools governed by the Board, and to be vested with title to property so acquired. Any proposed acquisition of property by any manner shall be subject to the approval of the Board.

The approval of land acquisition by purchase or condemnation shall be subject to the following procedures:

1. Each institution and school shall submit to the Chancellor for consideration and approval, a campus master plan which indicates proposed long-range land acquisition needs with justification for such needs.

2. Each institution and school shall submit to the Chancellor by July 1 of each year a list of land acquisition needs, ranked on a priority basis, for the fiscal year.

3. Upon approval of the campus master plan and fiscal year land acquisition needs, a land acquisition request form will be submitted to the Chancellor for each proposed acquisition, which shall contain the following information:

a. The justification of the need for the property; b. A description of and the location of the property; c. The estimated amount of funds required for the acquisition, and the source of the funds; d. The estimated amount of total funds required for capital and operating improvements; e. The estimated pre-acquisition costs of the property; f. A plat of the property; and g. The name(s) of the present owner(s).

4. Upon preliminary approval of the proposed land acquisition, two appraisals of the property will be obtained, which will be submitted to the Chancellor. The institution or school may be required to obtain any or all of the following additional information or documents: (1) market data analysis, (2) a survey of the property, and (3) a title commitment.

5. Following submission of the foregoing and any additional information which may be necessary, the institution or school may be authorized to enter into negotiations with the property owner, and to obtain an option to purchase the property.

6. If an option to purchase the property is executed, it will be submitted to the Chancellor for approval, and for final approval of the proposed acquisition. If negotiations fail, the institution or school may request that condemnation proceedings be commenced for acquisition of the property.

7. If acquisition of the property by purchase is approved, the institution or school will be responsible for recording the warranty deed and forwarding the original deed and title insurance to the Chancellor for filing.

Source: SBR Meetings, September 24, 1976; September 30, 1983