4:024 Property Acquisition and Disposal of Real Property
|Austin Peay State
|Property Acquisition and Disposal of Real Property
||March 8, 2017
||Vice President for Finance and Administration
||Procurement and Contract Services
Austin Peay State University has the authority to acquire property.
The purpose of this policy is to establish the procedures for the acquisition and
disposition of real property by the University.
-Acquisition and Disposal of Real Property
-APSU Policy 7:007
-APSU Procurement and Contract Services
- Pursuant to T.C.A. §§ 49-8-11 and 49-8-203, the University has the authority to purchase
and condemn land, and to receive donations of property (Solicitation and Acceptance of Gifts, APSU Policy 7:007) and to be vested with the title to the property so acquired.
- Any proposed acquisition of property by any manner shall be subject to the approval
of the President.
||The approval of land acquisition by purchase or condemnation shall be subject to the
- The University shall submit to the Board for consideration and approval, a campus
master plan or an amended master plan which indicates land acquisition needs, or an
individual acquisition request.
- Upon approval of the campus master plan or amendment or an individual acquisition
request, the University may request a land acquisition by submitting the proper documentation
for each proposed acquisition to the State of Tennessee Real Estate Asset Management
Division (STREAM). This documentation shall include:
- The justification of the need for the property;
- A description of and the location of the property;
- The estimated amount of funds required for the acquisition and the source of funds;
- A plat of the property;
- The name(s) of the present owner(s); and
- Deed to property.
- The property acquisition request will be submitted to the Department of Finance and
Administration (F&A) for submission to the State Building Commission (SBC) Executive
Sub-Committee (ESC) for approval. After SBC ESC approval, F&A staff will obtain a
title commitment, an appraisal, and a survey and prepare an option to purchase the
- If an option to purchase the property is signed by the seller, it will be submitted
to the President for final approval of the proposed acquisition. If negotiations
fail, the University may request that condemnation proceedings be commenced for acquisition
of the property.
- If acquisition of the property by purchase is approved, F&A will be responsible for
recording the warranty deed and forwarding the deed and title insurance to the Institution.
|Acquisition and Disposal
of Real Property
This policy establishes procedures for the acquisition and disposal of real property
in fee interest.
- Only the President has the authority, whether by gift or purchase, to acquire and
dispose of real property.
- Title of Property Acquired
- Property that is acquired shall be titled in the name of the University for the use
and benefit of the institution.
- Master Plan
- Property that is proposed for acquisition or disposal must be identified in an approved
Facilities Master Plan for the University prior to taking any action.
- The acquisition of gift property does not apply to this condition.
- State Building Commission
- With the exception in 4c below of gifts of real property, the acquisition and disposal
of any interest in real property in fee interest shall be subject to the approval
of the State Building Commission Executive Sub-Committee and shall be done in accordance
with procedures established by the State Building Commission (Reference T.C.A. §§
4-15-102, 12-2-112 and 49-8-111).
- The following completed documents (five copies each) shall be submitted to the President
to obtain approval to acquire or dispose of real property:
- Form RPM 1 Recorded Deed to Property Land Acquisition Questionnaire; or
- Land Disposal Questionnaire;
- As applicable Survey of property;
- If needed, Tax Assessors Map Facilities Evaluation Survey; and, if applicable,
- Environmental Identification
- Only the President may accept gifts of real property and may dispose of real property
acquired by gift or devise; however, acquisition of any interest in real property
by gift or devise that obligates the University or state of Tennessee to expend state
of Tennessee funds for capital improvements or continuing operating expenditures shall
be approved by the State Building Commission Executive Sub-committee in accordance
with T.C.A. § 4-15- 102(d)(2) prior to acceptance by the Board.
- No deed transferring title of property to the University shall be recorded without
the written approval of the President and in the instance of 4.c. above, State Building
Commission approval shall be confirmed by the Institution prior to recording the Deed.
- Facilities Evaluation
- If property to be acquired includes any structures, a facilities evaluation survey
shall be conducted of each building.
- All required renovations and/or alterations to make the facility(ies) functionally
usable in accordance with all applicable codes and current standards of use shall
be evaluated with estimated cost to complete and source of funds identified prior
to any action to acquire.
- Environmental Identification
- Prior to any action to acquire real property, the property and all structures, if
any, shall be inspected and tested for the identification of any contaminants, including
asbestos, PCBs, underground storage tanks, hazardous wastes and other environmental
- If any contaminants are identified, a plan for their disposal or neutralization shall
be included with the request to acquire subject property, including estimated costs
and identification of responsibility for abatement.
- Relocation Assistance
- Persons, businesses, farms and non-profit organizations relocated by State real property
acquisition projects are eligible for relocation assistance in accordance with the
provisions of T.C.A. § 13-11-101 et seq., and the Federal Uniform Relocation Assistance
and Land Acquisition Policies Act of 1970, as administered by the Department of Finance
- Proceeds from Sale of Real Property
- The receipts from the sale or conveyance of real property shall be deposited in the
capital outlay fund of the University in accordance with TCA 49-8-111.
- However, if the receipts are the result of a devise or gift which designated the purpose
of the gift for a particular use, any funds from a sale or conveyance of the property
may be transferred from the capital outlay fund of the University to the appropriate
account in order to effectuate the donor's intent.
APSU Policy 4:024 – Issued: March 8, 2017
President: signature on file