125-045-0214 Transaction Process (1) Before entering a binding contract for any Subject Transaction, the Transacting Agency will first determine the value of the Real Property Interest as described in 125-045-0215, Appraisal and Determination of Value of Real Property Interests. (2) The Department must seek the advice of the PLAC on transactions valued at $100,000 or more, and may seek the PLAC’s advice on smaller transactions. The Transacting Agency is expected to present the transaction to the PLAC and answer the Committee’s questions. Appropriate timing for PLAC review varies with transaction details. Division will assist Transacting Agency in determining timing. Procedure for review is found in 125-045-0250, Public Lands Advisory Committee Procedures. (3) Before entering a binding contract for a Subject Transaction or an Interagency Transaction, the Transacting Agency will notify the Division in the manner described in 125-045-0221, Clearinghouse Process and Futile Act Determination. The Division will conduct the Clearinghouse Process if appropriate to the transaction. (4) If there are responses to the Clearinghouse notice, Transacting Agency will negotiate with Agencies and other entities responding to the Clearinghouse notice as described in 125-045-0222, Responses to Clearinghouse Notices. (5) If Transacting Agency is unable to come to terms with the respondents to the Clearinghouse Process, Transacting Agency may follow any commercially accepted practice to seek a private individual or other entity with whom to transact. The Transacting Agency must use sound real estate industry methods to negotiate the best value for the State, and may request advice or assistance from the Division. (6) Before entering a binding contract, the Transacting Agency will provide public notice of all Subject Transactions which are a Terminal Disposition or Long-Term Lease as described in 125-045-0235, Public Notices and Requests for Proposal for Terminal Disposition of Real Property Interests. (7) If a Subject Transaction results in a Terminal Disposition of a State Real Property Interest, Transacting Agencies, unless exempted in 125-045-0211, must consider all values of the State Real Property Interest, including value of fish and wildlife habitat, mineral rights, wetlands, timber, Improvements, hazardous materials, Property Restriction(s), water rights and public access to other real property. If the Real Property Interest is valued at $100,000 or more, the Transacting Agency must provide public notice of the transaction and invite public comment on these values as described in 125-045-0235, Public Notices and Requests for Proposal for Terminal Disposition of State Real Property Interests to private individuals or entities. (8) Agencies, unless exempted in 125-045-0211, must obtain Department approval for transactions of Real Property Interests, as described in 125-045-0216, Department Approval. (9) Upon the sale, Acquisition or exchange of any real property belonging to the State, the Transacting Agency must forward an electronic copy of the instrument that conveys the property to the Department of State Lands according to ORS 273.099, and provide the following information to the Division: (a) The identity and legal description of the State Real Property Interest, including its approximate size in square feet or acreage; (b) A description of the general or specific location of the Real Property Interest, including a map or maps as appropriate; (c) The Appraised Fair Market Value of the Interest; (d) The value paid or received for the Interest; (e) Closing date of transaction as recorded by the escrow/title company; and (f) Any other information requested by the Administrator or the hosting Agency. Statutory/Other Authority: ORS 270.100, 270.105, 270.130, 270.180 & Executive Order 15.09 Statutes/Other Implemented: ORS 270.100, 270.105, 270.130, 270.180 & Executive Order 15.09 History: DAS 1-2020, adopt filed 03/03/2020, effective 03/03/2020