POLICY 08:03:12

PROPERTY ACQUISITION

This policy is consistent with to Tennessee Board of Regents Policy No. 4:02:09:00

Purpose

The purpose of this policy is the establishment of procedures for the acquisition of property by
the Tennessee Board of Regents on behalf of Pellissippi State Community College.

Policy/Guideline

1. Introduction
   1. Pursuant to T.C.A. §§ 49-8-111 and 49-8-203, the Tennessee Board of Regents
      (Board) has the authority to purchase and condemn land, and to receive donations
      of property (Solicitation and Acceptance of Gifts, Board Policy No. 4:01:04:00)
      on behalf of institutions governed by the Board, and to be vested with title to
      property so acquired.
   2. Any proposed acquisition of property by any manner shall be subject to the
      approval of the Chancellor.
2. Procedures
   1. The approval of land acquisition by purchase or condemnation shall be subject to
      the following procedures:
      1. Each institution shall submit to the Chancellor for consideration and
         approval, a campus master plan or an amended master plan which
         indicates land acquisition needs, or an individual acquisition request.
      2. Upon approval of the campus master plan or amendment or an individual
         acquisition request, an institution may request a land acquisition by
         submitting the proper documentation for each proposed acquisition to the
         System Office. This documentation shall include:
         1. The justification of the need for the property;
         2. A description of and the location of the property;
         3. The estimated amount of funds required for the acquisition and the
            source of funds;
         4. A plat of the property;
         5. The name(s) of the present owner(s); and
         6. Deed to property.
      3. The property acquisition request will be submitted by the System Office 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 property.
      4. If an option to purchase the property is signed by the seller, it will be
         submitted to the Chancellor for final approval of the proposed acquisition.
         If negotiations fail, the institution may request that condemnation
         proceedings be commenced for acquisition of the property.
      5. 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 System Office.

Sources

TBR Policy 4:02:09:00; T.C.A. § 49-8-203; T.C.A. § 49-8-111

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Adopted to TBR: September 24, 1976
Revised by TBR: September 30, 1983
Revised by TBR: June 29, 2007
Reviewed/Recommended: President’s Council, August 28, 2023
Approved: President L. Anthony Wise, Jr., August 28, 2023