The purpose of this policy is to notify employees within the University of Arkansas for Medical Sciences (UAMS) of the procedures to be followed in the acquisition of property. These procedures support and supplement Universitywide Administrative Memoranda 340.1 (Revised), and are provided here to outline the steps to be taken by appropriate UAMS administrators in determining if property is to be acquired, and to identify the required approval and acquisition process.
- The Vice Chancellor for Campus Operations shall present a brief overview of the available property to the Chancellor. The Chancellor will indicate the appropriateness of further action.
- With the Chancellor's approval, the Vice Chancellor for Campus Operations and a member of the Vice Chancellor for Campus Operations' staff shall conduct a review of the property and, if warranted, obtain two professional appraisals of the property.
- The Chancellor shall then determine if further action to purchase is justified and, if so, shall establish the amount of the offer to be tendered on the appraised property. The Chancellor, with the assistance of the Vice Chancellor for Finance, will determine an approach to project financing.
- The Vice Chancellor for Campus Operations will submit a request for a Method of Finance (MOF) to the Vice Chancellor for Finance.
- The Vice Chancellor for Campus Operations will request the General Counsel of the University of Arkansas to make the offer. Upon acceptance by the property owner, the Offer and Acceptance will be transmitted to the University of Arkansas Board of Trustees for approval. Upon approval by the Board of Trustees, the property owner shall, at his expense, re-certify the abstract to the current date through a local abstract company and forward the re-certified abstract and all title documents to the University of Arkansas System General Counsel.
- The General Counsel shall prepare a title opinion from the abstract stating all title requirements, if any, that the property owner must comply with before the transaction can be closed. Upon compliance of all title requirements by the property owner to his satisfaction, the General Counsel will forward the abstract and title opinion to the Attorney General of Arkansas for final approving opinion. Upon approval and receipt of the Attorney General's Opinion, and upon completion and approval of the MOF, the General Counsel will set a date for closing. A member of the Vice Chancellor for Campus Operation's staff will represent the University at closing.
- The UAMS Office of Financial Services will be provided copies of all sales contract information. The closing papers, warranty deed, and the re-certified abstract will be forwarded to the General Counsel for inclusion in a permanent property file following the submission by Campus Operations of the warranty deed to the County Assessor for movement of the property to tax exempt lands status.