New York Codes, Rules and Regulations › Title 8 - EDUCATION DEPARTMENT › Chapter V - State University of New York › Subchapter D - Code of Standards and Procedures for the Administration and Operation of Community Colleges under the Program of State University of New York › Part 603 - The College Capital Budget › Section 603.5 - Real property

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				  Acquisition of real property. Real property may be acquired for community
				  college facilities by gift only after the State University trustees have
				  approved the selection of the site, and by purchase or condemnation only after
				  an appraisal has been prepared and the State University trustees have approved
				  the selection of the site, the educational value of the property and a capital
				  budget which includes the acquisition costs.
(b) Appraisal of real property. Any appraisal
				  of real property required by this Subchapter shall be prepared by an appraiser
				  selected by the State University, approved by the college trustees and engaged
				  by the college or sponsor. Prior to the enactment of an appropriate capital
				  budget, appraisal costs shall be paid in the first instance by the sponsor or
				  the college. Any appraisal required by this Subchapter shall be dated within
				  one year of the date of the transfer of title of the real property.
(c) Title to real property. Title to the real
				  property shall be vested with the sponsor, and the real property shall be
				  dedicated to be held in trust for the college with a resolution of the
				  governing legislative body of the sponsor, which resolution shall describe the
				  parcel by a metes and bounds description. The description shall be incorporated
				  into a deed which shall place the property in trust on behalf of the community
				  college, which deed shall be filed and recorded in the office of the county
				  clerk in which the property is located.
(d) Disposal of real property. A local
				  sponsor may dispose of real property if the college board of trustees and the
				  State University have passed resolutions declaring that the property is no
				  longer useful or required for community college purposes and the minimum rental
				  and the market value at the time of disposal has been determined by an
				  appraisal and approved by the State University trustees. The following methods
				  of disposal are approved:
(1) sale to the
				  sponsor for not less than the market value;
(2) sale by competitive bidding to the
				  highest bidder as approved by the local sponsor and State University;
(3) by method applicable to local sponsor and
				  approved by the State University trustees.
In the event the disposal cannot be prudently considered or
					 no buyer can be found, the sponsor shall endeavor to lease the property in the
					 following manner:
(4)
				  rental to the sponsor for not less than the minimum rental;
(5) rental to a third party for not less than
				  the minimum rental. In any case, where a local sponsor has received State
				  financial assistance based on expenditures for community college capital
				  facilities and the local sponsor shall thereafter dispose of such facilities by
				  sale or by discontinuance of their use for community college purposes, State
				  financial assistance for costs of any new capital facilities shall be reduced
				  by crediting to such assistance otherwise payable an amount computed as
				  follows:
(6) one half of the value
				  of such facilities at the time so disposed of as fixed by the State University
				  trustees with the approval of the Director of the Budget; or
(7) if the State contributed less than one
				  half, such lesser percentage of original capital costs as may have been paid by
				  the State; and
(8) in no event
				  shall such value be fixed for such purpose at more than the original cost of
				  such facilities nor less than the amount actually received by the local sponsor
				  upon the sale thereof.
Where disposal of the real property is in part payment for
					 a new capital article for community college purposes, this section shall not
					 apply.