Utah Code 53C-4-104. Sale or lease of trust lands to state entities — Requirements — Excluded lands — Fair market value
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(1)
Terms Used In Utah Code 53C-4-104
- Appraisal: A determination of property value.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- board of trustees: means the School and Institutional Trust Lands Board of Trustees. See Utah Code 53C-1-103
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- trust lands: means those properties granted by the United States in the Utah Enabling Act to the state in trust, and other lands transferred to the trust, which must be managed for the benefit of:(8)(a) the state's public education system; or(8)(b) the institutions of the state which are designated by the Utah Enabling Act as beneficiaries of trust lands. See Utah Code 53C-1-103(1)(a) The director may sell or lease to the Utah Department of Natural Resources an aggregation of more than 5,000 acres of trust lands, if the Utah Department of Natural Resources pays at least fair market value for the sale or lease.(1)(b) The director may make an aggregation of more than 5,000 acres of trust lands described in this section by selecting a single, contiguous parcel or combining multiple parcels, with individual parcels no farther apart than two miles.(1)(c) The director may complete a sale or lease described in this section without complying with the advertising requirements described in Subsection
53C-4-102 (3), if the director and the board of trustees:(1)(c)(i) provide written notice of a proposed sale or lease under this section to an affected beneficiary; and(1)(c)(ii) present at an open meeting of the board of trustees and take public comment on:(1)(c)(ii)(A) the terms of a proposed sale or lease; and(1)(c)(ii)(B) the director’s findings that waiving the advertising provision is in the best interest of the beneficiaries.
(2) The director may not include the following lands in a sale or lease described in this section:
(2)(a) Township 1 South, Range 8 West, USM;
(2)(b) Township 1 South, Range 9 West, USM; or
(2)(c) Township 1 South, Range 10 West, USM.
(3)
(3)(a) The director shall make rules, in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, for determining the fair market value of trust lands for a sale or lease described in this section.
(3)(b) The rules adopted by the director:
(3)(b)(i) shall establish the procedure for determining the fair market value of the trust lands;
(3)(b)(ii) may provide that an appraisal, as that term is defined in Section 61-2g-102 , demonstrates the fair market value of the trust lands;
(3)(b)(iii) shall require the director to obtain at least one third-party appraisal in the procedure established in this Subsection (3); and
(3)(b)(iv) may require that additional appraisals be completed by a state-certified general appraiser, as that term is defined in Section 61-2g-102 .