purposes and impact on u. t. system real estate transactions
TRANSCRIPT
![Page 1: PURPOSES AND IMPACT ON U. T. SYSTEM REAL ESTATE TRANSACTIONS](https://reader034.vdocuments.net/reader034/viewer/2022042211/625951a8ab3bd460df2a7138/html5/thumbnails/1.jpg)
2017 AMENDMENTS TO REGENTS’ RULE 70301 AND POLICY UTS126:
PURPOSES AND IMPACT ON U. T. SYSTEM REAL ESTATE TRANSACTIONS
U. T. System Real Estate ConferenceFebruary 9, 2018
Kirk Tames, Executive Director of Real EstateHa Dao, Assistant General Counsel
![Page 2: PURPOSES AND IMPACT ON U. T. SYSTEM REAL ESTATE TRANSACTIONS](https://reader034.vdocuments.net/reader034/viewer/2022042211/625951a8ab3bd460df2a7138/html5/thumbnails/2.jpg)
BACKGROUND
• Increased volume of real estate transactions
• U. T. institutions’ desire for more autonomy
• Real Estate Office’s effort on smaller short-term transactions added little value
• Multiple Regents’ Rules and U. T. Systemwide Policies governed real estate transactions
2
![Page 3: PURPOSES AND IMPACT ON U. T. SYSTEM REAL ESTATE TRANSACTIONS](https://reader034.vdocuments.net/reader034/viewer/2022042211/625951a8ab3bd460df2a7138/html5/thumbnails/3.jpg)
A Growing State & System 20 Year Growth
3
35%
46%
250%
25%
32%
0% 50% 100% 150% 200% 250% 300%
State Population
Land
Research
Hospital Days*
Students
*Excludes Outpatient
Approximately 1999-2017
![Page 4: PURPOSES AND IMPACT ON U. T. SYSTEM REAL ESTATE TRANSACTIONS](https://reader034.vdocuments.net/reader034/viewer/2022042211/625951a8ab3bd460df2a7138/html5/thumbnails/4.jpg)
MAIN PURPOSES OF AMENDMENTS
• Grant greater signature authority to the U. T. institutions with regard to leases and licenses.
• Reduce Real Estate Office business review of certain short-term, low-dollar leases and licenses.
4
![Page 5: PURPOSES AND IMPACT ON U. T. SYSTEM REAL ESTATE TRANSACTIONS](https://reader034.vdocuments.net/reader034/viewer/2022042211/625951a8ab3bd460df2a7138/html5/thumbnails/5.jpg)
(cont.)
• Consolidate real estate provisions into one Rule and one Policy:
➢ Regents’ Rules 70301 and 10501 and Policy UTS145 Amended Rule 70301
➢ Policies UTS126 and UTS147 Amended Policy UTS126
5
![Page 6: PURPOSES AND IMPACT ON U. T. SYSTEM REAL ESTATE TRANSACTIONS](https://reader034.vdocuments.net/reader034/viewer/2022042211/625951a8ab3bd460df2a7138/html5/thumbnails/6.jpg)
AMENDED RULE 70301 AND UTS126 HIGHLIGHTS
1. Memorialize the change from the previous $1 million Board approval threshold applicable to all U. T. institutions to individual thresholds that match each institution's approval threshold for goods and services contracts.
➢ Board approval thresholds or “Authority Levels” are established by Regents’ Rule 10501 and Policy UTS145.
6
![Page 7: PURPOSES AND IMPACT ON U. T. SYSTEM REAL ESTATE TRANSACTIONS](https://reader034.vdocuments.net/reader034/viewer/2022042211/625951a8ab3bd460df2a7138/html5/thumbnails/7.jpg)
Current Authority Levels for U. T. Academic Institutions
7
Academic Institutions Authority Levels
UT Arlington $1,000,000
UT Austin $2,500,000
UT Dallas $1,000,000
UT El Paso $1,000,000
UT Permian Basin $1,000,000
UT Rio Grande Valley $1,000,000
UT San Antonio $1,000,000
UT Tyler $1,000,000
![Page 8: PURPOSES AND IMPACT ON U. T. SYSTEM REAL ESTATE TRANSACTIONS](https://reader034.vdocuments.net/reader034/viewer/2022042211/625951a8ab3bd460df2a7138/html5/thumbnails/8.jpg)
Current Authority Levels for U. T. Health Institutions and U. T. System Administration
8
Health Institutions Authority Levels
UT Health Science Center - Houston $2,500,000
UT Health Science Center - San Antonio $2,500,000
UT Health Science Center - Tyler $2,500,000
UT MD Anderson Cancer Center $5,000,000
UT Medical Branch - Galveston $2,500,000
UT Southwestern Medical Center $2,500,000
UT System Administration $1,000,000
![Page 9: PURPOSES AND IMPACT ON U. T. SYSTEM REAL ESTATE TRANSACTIONS](https://reader034.vdocuments.net/reader034/viewer/2022042211/625951a8ab3bd460df2a7138/html5/thumbnails/9.jpg)
(cont.)
2. Retain direct delegation of signature authority by the Board to institution Presidents for certain space leases and broaden the signature authority to include certain space licenses.
3. Retain Executive Director of Real Estate’s authority to sign all real estate contracts and to delegate such signature authority to other U. T. System officers.
9
![Page 10: PURPOSES AND IMPACT ON U. T. SYSTEM REAL ESTATE TRANSACTIONS](https://reader034.vdocuments.net/reader034/viewer/2022042211/625951a8ab3bd460df2a7138/html5/thumbnails/10.jpg)
(cont.)
4. Clarify Real Estate Office business review is requiredfor long-term contracts, contracts related to the purchase or sale of real property, easements, ground leases, build-to-suit leases, and contracts requiring Board approval.
5. Clarify Office of General Counsel legal review is required for all contracts unless provided otherwise in Rule 70301 and UTS126.
10
![Page 11: PURPOSES AND IMPACT ON U. T. SYSTEM REAL ESTATE TRANSACTIONS](https://reader034.vdocuments.net/reader034/viewer/2022042211/625951a8ab3bd460df2a7138/html5/thumbnails/11.jpg)
(cont.)
6. Formalize the role of the Real Estate Office as the central
repository for copies of all real estate contracts.
7. Provide that Rule 70301 prevails over other Regents' Rules, but is
subject to Rules 60101 and 60103 (acceptance and administration
of donated real property).
8. Provide that UTS126 prevails over other U. T. Systemwide Policies,
but is subject to UTS138 (gift acceptance procedures).
11
![Page 12: PURPOSES AND IMPACT ON U. T. SYSTEM REAL ESTATE TRANSACTIONS](https://reader034.vdocuments.net/reader034/viewer/2022042211/625951a8ab3bd460df2a7138/html5/thumbnails/12.jpg)
IMPACT ON REAL ESTATE TRANSACTIONS
12
Overview of Impact
Signature Authority: Institution Presidents Executive Director of
Real Estate
Approval Requirements:
Board of Regents Real Estate Office Office of General
Counsel
Records Retention: Real Estate Office U. T. Institutions
![Page 13: PURPOSES AND IMPACT ON U. T. SYSTEM REAL ESTATE TRANSACTIONS](https://reader034.vdocuments.net/reader034/viewer/2022042211/625951a8ab3bd460df2a7138/html5/thumbnails/13.jpg)
Impact on Signature Authority: Institution Presidents and Executive Director of Real Estate
13
![Page 14: PURPOSES AND IMPACT ON U. T. SYSTEM REAL ESTATE TRANSACTIONS](https://reader034.vdocuments.net/reader034/viewer/2022042211/625951a8ab3bd460df2a7138/html5/thumbnails/14.jpg)
14
Direct Delegation by the Board to Institution Presidents:
Regents’ Rule 70301, Part 2, § 6: Broadens the direct delegation of signature authority by the Board to the institution Presidents to sign space licenses as well as space leases for institutional purposes under certain conditions.
▪ Space leases: Board leasing space as tenant ▪ Space licenses: Board licensing facilities as licensee
![Page 15: PURPOSES AND IMPACT ON U. T. SYSTEM REAL ESTATE TRANSACTIONS](https://reader034.vdocuments.net/reader034/viewer/2022042211/625951a8ab3bd460df2a7138/html5/thumbnails/15.jpg)
TEN YEARS; Exceptions for complexity
15
![Page 16: PURPOSES AND IMPACT ON U. T. SYSTEM REAL ESTATE TRANSACTIONS](https://reader034.vdocuments.net/reader034/viewer/2022042211/625951a8ab3bd460df2a7138/html5/thumbnails/16.jpg)
Some of the conditions to the institution Presidents’ signature authority:
➢ The maximum initial term of the space lease or space license (and any extension term under the control of the Board) must be 10 years or less.
➢ The space lease or space license contains no options to purchase.
➢ No ground lease
16
![Page 17: PURPOSES AND IMPACT ON U. T. SYSTEM REAL ESTATE TRANSACTIONS](https://reader034.vdocuments.net/reader034/viewer/2022042211/625951a8ab3bd460df2a7138/html5/thumbnails/17.jpg)
(cont.)
➢ The space lease or space license does not involve the construction or substantial completion of a new facility or the substantial replacement or reconstruction of an existing facility.
17
![Page 18: PURPOSES AND IMPACT ON U. T. SYSTEM REAL ESTATE TRANSACTIONS](https://reader034.vdocuments.net/reader034/viewer/2022042211/625951a8ab3bd460df2a7138/html5/thumbnails/18.jpg)
(cont.)
➢ If the space lease or space license has a Total Cost or Monetary Value that exceeds the institution’s Authority Level, the President or his/her delegate may sign the contract prior to obtaining Board approval if the contract: (a) has been approved by the Real Estate Office and the Office of General Counsel; (b) is promptly submitted for Board approval; and (c) contains a legally-approved provision to the effect that the portion of the obligations that exceeds the institution’s Authority Level is not binding until the contract is approved by the Board.
18
![Page 19: PURPOSES AND IMPACT ON U. T. SYSTEM REAL ESTATE TRANSACTIONS](https://reader034.vdocuments.net/reader034/viewer/2022042211/625951a8ab3bd460df2a7138/html5/thumbnails/19.jpg)
19
![Page 20: PURPOSES AND IMPACT ON U. T. SYSTEM REAL ESTATE TRANSACTIONS](https://reader034.vdocuments.net/reader034/viewer/2022042211/625951a8ab3bd460df2a7138/html5/thumbnails/20.jpg)
Note On Total Cost or Monetary Value: The net cumulative sum of all costs and expenses to be paid or all monies to be received by a U. T. institution over the term of a real estate contract (Regents’ Rule 70301, Part 3).
➢ All $: Include rent, operating expenses, tenantimprovements, taxes, etc. for life of transaction; include renewals
➢ Nonmonetary consideration - quantify: equal value
20
![Page 21: PURPOSES AND IMPACT ON U. T. SYSTEM REAL ESTATE TRANSACTIONS](https://reader034.vdocuments.net/reader034/viewer/2022042211/625951a8ab3bd460df2a7138/html5/thumbnails/21.jpg)
21
![Page 22: PURPOSES AND IMPACT ON U. T. SYSTEM REAL ESTATE TRANSACTIONS](https://reader034.vdocuments.net/reader034/viewer/2022042211/625951a8ab3bd460df2a7138/html5/thumbnails/22.jpg)
Direct Delegation by the Board to Executive Director of Real Estate:
Regents’ Rule 70301, Part 2, § 4.3 and § 4.4: Retains the Executive Director of Real Estate’s authority to sign all real estate contracts.
Regents’ Rule 10501, Part 2, § 1.3: Permits the Executive Director of Real Estate to delegate his/her signature authority from the Board to other U. T. System officers, including the institution Chief Business Officers (e.g., Campus Lease/License Delegation).
22
![Page 23: PURPOSES AND IMPACT ON U. T. SYSTEM REAL ESTATE TRANSACTIONS](https://reader034.vdocuments.net/reader034/viewer/2022042211/625951a8ab3bd460df2a7138/html5/thumbnails/23.jpg)
Campus Lease/License Delegation by Executive Director of Real Estate to institution Chief Business Officers: Under the recently-issued campus lease/license delegation by the Executive Director of Real Estate to each U. T. institution, the Chief Business Officer of the institution may sign campus leases and campus licenses subject to certain conditions.
23
![Page 24: PURPOSES AND IMPACT ON U. T. SYSTEM REAL ESTATE TRANSACTIONS](https://reader034.vdocuments.net/reader034/viewer/2022042211/625951a8ab3bd460df2a7138/html5/thumbnails/24.jpg)
24
▪ Campus leases: Board leasing space as landlord ▪ Campus licenses: Board licensing space as licensor
![Page 25: PURPOSES AND IMPACT ON U. T. SYSTEM REAL ESTATE TRANSACTIONS](https://reader034.vdocuments.net/reader034/viewer/2022042211/625951a8ab3bd460df2a7138/html5/thumbnails/25.jpg)
Some of the conditions to the Chief Business Officer’s signature authority:
➢ The aggregate term of the campus lease or campus license, including extensions, must be 10 years or less.
➢ The campus lease or campus license contains no options to sell the property that is the subject of the contract.
➢ Not a ground lease
25
![Page 26: PURPOSES AND IMPACT ON U. T. SYSTEM REAL ESTATE TRANSACTIONS](https://reader034.vdocuments.net/reader034/viewer/2022042211/625951a8ab3bd460df2a7138/html5/thumbnails/26.jpg)
(cont.)
➢ The campus lease or campus license does not cover donated real property administered or managed by the Office of Development and Gift Planning Services or the Real Estate Office.
26
![Page 27: PURPOSES AND IMPACT ON U. T. SYSTEM REAL ESTATE TRANSACTIONS](https://reader034.vdocuments.net/reader034/viewer/2022042211/625951a8ab3bd460df2a7138/html5/thumbnails/27.jpg)
(cont.)
➢ The campus lease or campus license does not involve the construction of a new building or the substantial replacement or reconstruction of an existing building.
➢ The campus lease or campus license does not involve any transfer of rights in favor of the general public, including any dedication of space for use as a park or a public street or roadway.
27
![Page 28: PURPOSES AND IMPACT ON U. T. SYSTEM REAL ESTATE TRANSACTIONS](https://reader034.vdocuments.net/reader034/viewer/2022042211/625951a8ab3bd460df2a7138/html5/thumbnails/28.jpg)
28
![Page 29: PURPOSES AND IMPACT ON U. T. SYSTEM REAL ESTATE TRANSACTIONS](https://reader034.vdocuments.net/reader034/viewer/2022042211/625951a8ab3bd460df2a7138/html5/thumbnails/29.jpg)
(cont.)
➢ The campus lease or campus license has a Total Cost or Monetary Value that is within the institution’s Authority Level.
29
![Page 30: PURPOSES AND IMPACT ON U. T. SYSTEM REAL ESTATE TRANSACTIONS](https://reader034.vdocuments.net/reader034/viewer/2022042211/625951a8ab3bd460df2a7138/html5/thumbnails/30.jpg)
(cont.)
➢ If the contract has a Total Cost or Monetary Value that exceeds the institution’s Authority Level, the Chief Business Officer may sign the contract prior to obtaining the Board approval if the contract: (a)has been approved by the Real Estate Office and the Office of General Counsel, (b) is promptly submitted for approval by the Board, and (c) contains a legally-approved provision to the effect that the portion of the obligations that is in excess of the institution’s Authority Level is not binding until the contract is approved by the Board.
30
![Page 31: PURPOSES AND IMPACT ON U. T. SYSTEM REAL ESTATE TRANSACTIONS](https://reader034.vdocuments.net/reader034/viewer/2022042211/625951a8ab3bd460df2a7138/html5/thumbnails/31.jpg)
Note on Tax Implications for Campus Leases/Licenses:
▪ A campus lease or campus license may raise unrelated business tax income (UBIT) and other federal tax issues.
▪ Before the contract is finalized, the U. T. institution should consult with the Office of General Counsel tax attorney for any UBIT issues, and, if the contract involves bond-financed property, with the U. T. System Administration’s Office of Finance to ensure the contract will not affect the tax-exempt status of the interest paid on the bonds.
31
![Page 32: PURPOSES AND IMPACT ON U. T. SYSTEM REAL ESTATE TRANSACTIONS](https://reader034.vdocuments.net/reader034/viewer/2022042211/625951a8ab3bd460df2a7138/html5/thumbnails/32.jpg)
32
![Page 33: PURPOSES AND IMPACT ON U. T. SYSTEM REAL ESTATE TRANSACTIONS](https://reader034.vdocuments.net/reader034/viewer/2022042211/625951a8ab3bd460df2a7138/html5/thumbnails/33.jpg)
Signature Authority for Other Contracts
• The Executive Director Real Estate continues to sign: (i) contracts related to purchase or sale of real property, (ii) easements, (iii) ground leases, and (iv) build-to-suit leases. The institutions do not have the authority to sign these contracts.
33
![Page 34: PURPOSES AND IMPACT ON U. T. SYSTEM REAL ESTATE TRANSACTIONS](https://reader034.vdocuments.net/reader034/viewer/2022042211/625951a8ab3bd460df2a7138/html5/thumbnails/34.jpg)
34
![Page 35: PURPOSES AND IMPACT ON U. T. SYSTEM REAL ESTATE TRANSACTIONS](https://reader034.vdocuments.net/reader034/viewer/2022042211/625951a8ab3bd460df2a7138/html5/thumbnails/35.jpg)
Impact on Approval Requirements
Board of Regents Approval
Real Estate Office Review
Office of General Counsel Review
35
![Page 36: PURPOSES AND IMPACT ON U. T. SYSTEM REAL ESTATE TRANSACTIONS](https://reader034.vdocuments.net/reader034/viewer/2022042211/625951a8ab3bd460df2a7138/html5/thumbnails/36.jpg)
Impact on Board Approval
• Regents’ Rule 70301, Part 2, § 4.4.2 and § 8, and Part 3, and Policy UTS 126, §4
• Board approval is required for the following:
(i) any real estate transaction with a Total Cost or Monetary Value that exceeds the U. T. institution’s Authority Level;
36
![Page 37: PURPOSES AND IMPACT ON U. T. SYSTEM REAL ESTATE TRANSACTIONS](https://reader034.vdocuments.net/reader034/viewer/2022042211/625951a8ab3bd460df2a7138/html5/thumbnails/37.jpg)
(cont.)
(ii) any below-market real estate transaction;
(iii) any acquisition of fee interests in real property by U. T. System, unless the property is within a Campus Master Plan approved by the Board; and
(iv) any acquisition of easement or similar interest by U. T. System, unless the acquired interest is necessary to implement an institutional project or to serve real property owned or controlled by the Board.
37
![Page 38: PURPOSES AND IMPACT ON U. T. SYSTEM REAL ESTATE TRANSACTIONS](https://reader034.vdocuments.net/reader034/viewer/2022042211/625951a8ab3bd460df2a7138/html5/thumbnails/38.jpg)
Note on Board Approval for Contract Amendments:
▪ Board approval is required if:
➢ the amendment increases the Total Cost or Monetary Value of the contract not previously approved by the Board above theinstitution’s Authority Level; or
➢ the amendment increases the Total Cost or Monetary Value ofthe contract previously approved by the Board by more than 125% of the Total Cost or Monetary Value approved by the Board, unless the cumulative increases in the Total Cost or Monetary Value are less than the institution’s Authority Level.
38
![Page 39: PURPOSES AND IMPACT ON U. T. SYSTEM REAL ESTATE TRANSACTIONS](https://reader034.vdocuments.net/reader034/viewer/2022042211/625951a8ab3bd460df2a7138/html5/thumbnails/39.jpg)
(cont.)
▪ A new contract covering substantially the same real property covered by a prior contract between the same parties is deemed as an amendment of the prior contract, unless the property has been vacated under the prior contract for a period of at least 3 months after termination of the prior contract.
39
![Page 40: PURPOSES AND IMPACT ON U. T. SYSTEM REAL ESTATE TRANSACTIONS](https://reader034.vdocuments.net/reader034/viewer/2022042211/625951a8ab3bd460df2a7138/html5/thumbnails/40.jpg)
40
Note on Below-Market Transactions:
Texas Constitution Article III, § 51 prohibits the grant of State property. The acquisition, disposition, or use of real estate must be for a fair market value. If the transaction is below market, the contract must be submitted to the Board to determine whether the transaction meets the public purpose test.
![Page 41: PURPOSES AND IMPACT ON U. T. SYSTEM REAL ESTATE TRANSACTIONS](https://reader034.vdocuments.net/reader034/viewer/2022042211/625951a8ab3bd460df2a7138/html5/thumbnails/41.jpg)
Impact on Real Estate Office Review
• Policy UTS126, § 5.1
• Business review by the Real Estate Office is required for the following real estate contracts handled by U. T. System:
(i) any contract for the purchase, sale, or other transfer of any fee interests in real property;
41
![Page 42: PURPOSES AND IMPACT ON U. T. SYSTEM REAL ESTATE TRANSACTIONS](https://reader034.vdocuments.net/reader034/viewer/2022042211/625951a8ab3bd460df2a7138/html5/thumbnails/42.jpg)
(cont.)
(ii) any campus lease or campus license to be executed by the Executive Director of Real Estate or his or her delegate in the Real Estate Office;
(iii) any space lease or space license not within the institution Presidents’ signature authority under Regents’ Rule 70301, Part 2, § 6;
(iv) any lease or license referred to the Real Estate Office by the U. T. System Administration’s Office of Health Affairs or Office of Academic Affairs;
42
![Page 43: PURPOSES AND IMPACT ON U. T. SYSTEM REAL ESTATE TRANSACTIONS](https://reader034.vdocuments.net/reader034/viewer/2022042211/625951a8ab3bd460df2a7138/html5/thumbnails/43.jpg)
(cont.)
(v) any easement;
(vi) any contract in which a material part of the consideration paid or received by a U. T. institution under the agreement is nonmonetary in nature; and
(vii) any contract requiring Board approval.
43
![Page 44: PURPOSES AND IMPACT ON U. T. SYSTEM REAL ESTATE TRANSACTIONS](https://reader034.vdocuments.net/reader034/viewer/2022042211/625951a8ab3bd460df2a7138/html5/thumbnails/44.jpg)
Impact on Office of General Counsel Review
• Regents’ Rule 70301, Part 2, § 4.1, and Policy UTS126, § 6
• Legal review by the Office of General Counsel is required for all real estate contracts handled by U. T. System, unless:
(i) contract forms promulgated by the Real Estate Office and Office of General Counsel are used with no material changes and in accordance with all the terms and conditions accompanying the use of such forms; or
44
![Page 45: PURPOSES AND IMPACT ON U. T. SYSTEM REAL ESTATE TRANSACTIONS](https://reader034.vdocuments.net/reader034/viewer/2022042211/625951a8ab3bd460df2a7138/html5/thumbnails/45.jpg)
(cont.)
(ii) the contracts are space leases or space licenses that: (a) have a Total Cost or Monetary Value of less than $1 million and an annual average cost of less than $500,000, (b) incorporate without change the State Law Addendum promulgated by the Office of General Counsel, and (c) satisfy all the terms and conditions accompanying the use of such addendum.
45
![Page 46: PURPOSES AND IMPACT ON U. T. SYSTEM REAL ESTATE TRANSACTIONS](https://reader034.vdocuments.net/reader034/viewer/2022042211/625951a8ab3bd460df2a7138/html5/thumbnails/46.jpg)
Impact on Records Retention: Real Estate Office and U. T. Institutions
• Regents’ Rule 70301, Part 2, § 10: The Board designates the Real Estate Office as the central repository for all real estate contracts. U. T. institutions are required to deliver to the Real Estate Office an electronic copy of all contracts signed by the institutions.
• Regents’ Rule 10501, Part 2, § 1.4: U. T. institutions must maintain records related to real estate contracts executed by the institutions under delegated authority pursuant to applicable records retention schedule or policy.
46
![Page 47: PURPOSES AND IMPACT ON U. T. SYSTEM REAL ESTATE TRANSACTIONS](https://reader034.vdocuments.net/reader034/viewer/2022042211/625951a8ab3bd460df2a7138/html5/thumbnails/47.jpg)
47
![Page 48: PURPOSES AND IMPACT ON U. T. SYSTEM REAL ESTATE TRANSACTIONS](https://reader034.vdocuments.net/reader034/viewer/2022042211/625951a8ab3bd460df2a7138/html5/thumbnails/48.jpg)
FACILITY USE AGREEMENTS
Regents’ Rule 80106 continues without changes:
• Facility Use Agreements are for short-term use by third parties of UT facilities; must be made on forms approved by OGC.
• Only apply for the license by U. T. of spaces or facilities designated as Special Use Facilities by institutional Presidents.
48
![Page 49: PURPOSES AND IMPACT ON U. T. SYSTEM REAL ESTATE TRANSACTIONS](https://reader034.vdocuments.net/reader034/viewer/2022042211/625951a8ab3bd460df2a7138/html5/thumbnails/49.jpg)
49
![Page 50: PURPOSES AND IMPACT ON U. T. SYSTEM REAL ESTATE TRANSACTIONS](https://reader034.vdocuments.net/reader034/viewer/2022042211/625951a8ab3bd460df2a7138/html5/thumbnails/50.jpg)
QUESTIONS?
THANK YOU
50