Utah Code 53C-4-201. Surface leases and user permits — Procedures for issuing leases and user permits
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(1) The director may issue surface leases and user permits of trust lands for any term consistent with sound and prudent real estate practices.
Terms Used In Utah Code 53C-4-201
- 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
- Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5
- 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(2) This section does not apply to leases for grazing, oil, gas, and hydrocarbons, or other minerals.(3)(3)(a)(3)(a)(i) Surface leases or user permits may be entered into by negotiation, public auction, or other public competitive bidding process as determined by rules of the director.(3)(a)(ii) The director may lease trust lands for development and subsequent sale of all or portions of such lands to third parties for no less than fair market value.(3)(b) Requests for proposals (RFP) on trust lands may be offered by the director after public notice.