Board of Trustees (BOT) Approval. Sale of Real Property is subject to Board of Trustee approval, as outlined in BOT Policy Section 802, detailed below. Real Property is defined as land and/or the buildings or other improvements located on the land. The University of Maine System may dispose of, lease or license use of real property when it has been determined that the action is in the best interests of the System. The planning for Disposal of Real Property shall be administered by the University System Office and presented to the Board for approval, accompanied by all information required to indicate the conditions of the disposition, as well as f indings as to the appropriateness of the action. Board approval covers those actions necessary to accomplish the objectives of the project. Leases or licenses for use of University real property if greater than $100,000 and/or greater than f ive (5) years must be presented to the Board for approval, with all documentation. Exceptions are granted for minor uses (value under $50,000) of University property to unrelated parties, e.g., leased for cell towers or environmental monitoring equipment, or for easements and rights-of-way granted to public entities. Signatures FOR THE UNIVERSITY OF MAINE SYSTEM: BY: (signature) Name: (print or type) Title: Address: FOR THE CONTRACTOR: LEGAL NAME: BY: (signature) Name: (print or type) Title: Address: Telephone: Fax: Date: Telephone: Fax: Date: Tax ID #: Per University policy, “Any agreement for services that will, or may, result in the expenditure by the University of $50,000 or more must be approved in writing by the Chief Procurement Officer, or designee, and if it is not approved, valid or effective until such written approval is granted.” Chief Financial Officer approval is required of any University of Maine System agreement of $50,000 or more, and it is not approved, valid or effective until such written approval is granted. Chief Business Officer approval is required of any campus specific agreement of $50,000 or more, and it is not approved, valid or effective until such written approval is granted.
Board of Trustees (BOT) Approval. Sale of Real Property is subject to Board of Trustee approval, as outlined in BOT Policy Section 802, detailed below. Real Property is defined as land and/or the buildings or other improvements located on the land. The University of Maine System may dispose of, lease or license use of real property when it has been determined that the action is in the best interests of the System. The planning for Disposal of Real Property shall be administered by the University System Office and presented to the Board for approval, accompanied by all information required to indicate the conditions of the disposition, as well as f indings as to the appropriateness of the action. Board approval covers those actions necessary to accomplish the objectives of the project. Leases or licenses for use of University real property if greater than $100,000 and/or greater than f ive (5) years must be presented to the Board for approval, with all documentation. Exceptions are granted for minor uses (value under $50,000) of University property to unrelated parties, e.g., leased for cell towers or environmental monitoring equipment, or for easements and rights-of-way granted to public entities.
