Acquisition & Disposition

Acquisition of Real Property for Texas State University-San Marcos

The Board of Regents ("the Board") of The Texas State University System ("The TSUS") must approve all purchases, exchanges, or gifts of real estate on behalf of Texas State (The TSUS Rules and Regulations, Chapter III, Sections 1.(12)1 and 1.(13)1).

Texas State's UPPS 08.04.01 describes the process for acquiring real property to comply with all governing Federal and State laws and regulations. The following is a summarized list of steps in the acquisition process:

Contact the Office of the Vice President for Finance and Support Services ("VPFSS") with the following information:
1. Location of the property;
2. Owner information;
3. Sales price and/or other terms of the transaction; and
4. Justification of purchase and/or value to the University.

The following information must be provided for review and approval prior to the acquisition of any real property to be incorporated into the Texas State Campus:
1. Map showing location of the property;
2. Legal description of the property;
3. Survey of the land and improvements, if any;
4. List of improvements;
5. Copies of current leases, if any;
6. Current title insurance commitment and copies of all title exceptions, including deed restrictions or covenants and liens, deed, tax certificate;
7. List of current expenses required to maintain/operate the property;
8. Copy of current owner's title policy, if the current owner obtained a title policy;
9. Recent appraisal;
10. Such other information as may be requested by the VPFSS; and
11. Access to the property to conduct on-site inspections.

Approval by VPFSS
1. Property is included in current Campus Master Plan:
  - Notify Campus Facilities Planning Committee that a feasibility study will be conducted.
2. Property not included in current Campus Master Plan:
  - Strong justification for purchase of property will be required;
  - Campus Facilities Planning Committee will need to recommend revision of Campus Master Plan;
  - Revision of Campus Master Plan must be approved by President's Cabinet and President;
  - Revision to Campus Master Plan submitted for review and approval by The TSUS Chancellor; and
  - Submit revision to the Campus Master Plan for approval by the Board of Regents.
3. VPFSS or his/her designee will determine if funding is available to purchase property.
4. VPFSS or his/her designee will initiate meeting with property owner.
5. VPFSS or his/her designee will develop preliminary outline of acquisition and terms of transaction.
6. VPFSS will establish a working committee to conduct feasibility study.
  - Market analysis will be conducted to determine the market value of the property.
  - Business Plan will be written to address all upfront and subsequent costs associated with the property.
  - Write an executive summary to present committee's findings to President's Cabinet and President.
7. VPFSS will obtain approval to acquire property from President's Cabinet and the President.
8. Submission of acquisition for approval by The TSUS Board of Regents.
9. Submission of acquisition for approval by the Texas Higher Education Coordinating Board.
10. VPFSS will work with appropriate financial agencies or bond counsels to finalize any financing.
11. VPFSS or his/her designee will coordinate closing the acquisition transaction.
12. VPFSS will establish a Monitoring Committee to oversee operations of property going forward.

Disposition of Texas State Real Property

Contact the Office of the Vice President for Finance and Support Services (VPFSS) with proposal to purchase university property.
VPFSS will research property for any restrictions for future use or dispositions established or documented when property was acquired by university.
VPFSS to determine if university would like to pursue disposition of the property.
VPFSS will request an appraisal of property to compare to offer included in the proposal.
The VPFSS will obtain approval to sale property from President's Cabinet and the President.
Sale of property will be submitted for approval by The TSUS Board of Regents.