Section 323: Real Estate Leases
All real property (real estate) leases or licenses, including agricultural property, that obligate the university as tenant require the approval of the funding department and the review of the Land Management Office.
All real property (real estate) leases or licenses, including agricultural property, that obligate the university as landlord require the review of the Land Management Office.
Unit proposal for leasing or licensing office, laboratory, classroom and storage space must be consistent with the program priorities and approved plans of the Major Administrative Unit. Prior to making final arrangements to lease space, the proposal, including the financial conditions of the lease or license, must have been reviewed and approved by the Office of the Provost for academic units or the Executive Vice President for Administrative Services for support units, and the MAU administrator.
When the lease or license has been prepared for execution, the lease or license may be authorized by the director of the Land Management Office if:
o the term is five years or less
o the amount is less than $50,000 annually
All leases or licenses with a term of more than five years and/or for an amount of $50,000 or more annually must be authorized by the Executive Vice President for Administrative Services.
Agricultural property leases or licenses require the signature of the operator for funding approval.
The Land Management Office is available to help departments review potential leases or licenses.