Utah Code 53G-4-903. Resale of surplus property

53G-4-903. Resale of surplus property.

(1)

If an eligible entity that has acquired surplus property under Section 53G-4-902 afterwards declares that property to be surplus, the school district from which the eligible entity acquired the property may purchase, and the eligible entity shall sell, the property as provided in Section 53G-4-902, except that the price at which the school district shall be entitled to reacquire the property shall be the price that the eligible entity paid for the property, plus the cost of any existing improvements that the eligible entity made to the property after it purchased the property.

Terms Used In Utah Code 53G-4-903

Eligible entity: means :

(a)	a city or town with a population density of 3,000 or more people per square mile; or

(b)

a county whose unincorporated area includes a qualifying planning advisory area. See Utah Code 53G-4-901

Property: includes both real and personal property. See Utah Code 68-3-12.5

Surplus property: means land owned by a school district that:

(a)	was purchased with taxpayer money;

(b)	is located within a city or town that is an eligible entity or within a qualifying planning advisory area;

(c)	consists of one contiguous tract at least three acres in size; and

(d)

has been declared by the school district to be surplus. See Utah Code 53G-4-901

(2)

If the school district does not reacquire the surplus property under Subsection (1) and the eligible entity sells the surplus property to another buyer, the eligible entity and the school district shall equally share any proceeds of that sale that exceed the amount the eligible entity paid for the property plus the cost of any existing improvements the eligible entity made to the property after it purchased the property.

Renumbered and Amended by Chapter 3, 2018 General Session

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