Section R850-80-620 - Negotiated Sale Procedures(1) If the agency receives an expression of competitive interest within the notice period, the agency shall evaluate the offer and determine what action is in the best interest of the beneficiaries.(2) The agency shall give the board and affected beneficiary prior notice of the proposed negotiated sale, which notice must describe the terms, reasons, and other pertinent facts of the proposed negotiated sale.(3) Board approval of a negotiated sale is required if:(a) the fair market value of the subject parcel exceeds $250,000.00;(b) the subject property exceeds 320 acres; or(c) the agency receives a competitive offer on the subject parcel.(4) The agency may require the purchaser to pay a down payment and the costs and fees described in R850-80-610(4)Utah Admin. Code R850-80-620
Amended by Utah State Bulletin Number 2021-12, effective 6/8/2021Amended by Utah State Bulletin Number 2021-13, effective 6/8/2021