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Updated 11:00 AM May 17, 2005
 

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University implements real estate policy

A new real estate policy that consolidates within one office all activities related to U-M leases, purchases and sales of property took effect in April.

The policy, giving authority for real estate decisions to the Real Estate Office in Plant Extension—Architecture, Engineering and Construction, also has been added to the Standard Practice Guide (SPG).

"Over the years, the regents have updated the University's policies on acceptance, management and disposition of real estate to better reflect management best practices and meet changes in state and federal environmental laws," says Timothy P. Slottow, executive vice president and chief financial officer. "Real estate transactions and discussions are to be handled through the University Real Estate Office, which has been delegated the authority to oversee all real estate matters for the University."

The real estate policy outlines and explains the policies and procedures by which the University, including U-M-Flint, U-M-Dearborn and the Health System, acquires (as a gift or otherwise), manages and disposes of real estate. This includes leases of real property such as office, commercial and residential property; purchases and sales of real estate; new real estate developments; and access to University property.

Formally shared with the Board of Regents at its April meeting, the policy can be viewed online at http://spg.umich.edu/pdf/601.23.pdf.

For questions on the acceptance, management and disposition of University-related real estate, contact the Real Estate Office at (734) 763-2302.

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