Policy: Space and Real Estate Transactions
|Date: 04/08/08||Policy ID: PRM-012||Status: Final|
|Contact Office:||Real Estate and Leasing Services|
|Oversight Executive:||Vice President for Management and Budget|
|Applies To:||Academic Division, Medical Center and the College at Wise.|
|Table of Contents:|
|Reason for Policy:||Promotes the efficient use of the real estate assets of the University; aids in determining if the acquisition of leased space is cost effective; and assists in compliance with the Code of Virginia.|
|Definition of Terms in Statement:|
All requests for space shall be submitted to the Office of Space and Real Estate Management (SREM) for review, approval and resolution. Proposals for renovations and sub-leases need to be discussed with Facilities Management and SREM, respectively. Schools and departments may assign and reassign space which is under their control. A space request does not need to be submitted to SREM when a school or department is reallocating space it already controls. Optimal use of existing space resources will be given first consideration, and the acquisition of additional space will be accomplished if necessary.
SREM should be contacted for all: (1) real estate transactions such as purchases, transfers and sales; (2) real property leasing at the University; and (3) other real property activities including easements, building demolitions, approval of temporary structures (trailers) and street closures. Many of these activities are initiated by a third party, which may be external to the University. SREM determines when it is in the University’s best interest to execute real estate transactions through the University of Virginia Foundation.
|Major Category:||Physical Resource Management|
|Category Cross Reference:|
|Next Scheduled Review:||04/08/14|
|Approved By, Date:||Policy Review Committee, 04/08/08|
|Revision History:||Previous version of VII.R.5 in effect from 7/17/89 through 4/7/08.|
|Supersedes (previous policy):||
Additional Review for Proposed Acquisitions of Real Estate and Renewals of Real Estate Leases, VII.R.5.