Purchases and Sales of University Real Estate, or an Interest in Real Estate
Frequently Asked Questions
- Does the University sell real estate? I want to buy some.
Yes, although not often. The University sells property that has been designated as "surplus." The University maintains a website listing all University properties for sale (property description, sale process, contacts, etc.) at www.realestate.umn.edu, University Properties for Sale.
- Who owns University real estate?
Regents of the University of Minnesota, a Minnesota constitutional corporation.
- I want to sell property to the University. How does that work?
The University typically purchases property after a source of funding and a specific use have been identified. If the property is within the boundaries of a campus master plan, the University will likely have an interest in purchasing the property. If the University has an interest, the Real Estate Office typically obtains one or more appraisals (depending on the property's value) and orders a Phase I Environmental Site Assessment of the property. The University's decision to purchase property follows a lengthy review and approval process. For properties valued at more than $1,000,000, or within 2 miles of a University campus, or larger than 10 acres, Board of Regents approval is required. The University is required to seek an advisory recommendation of the Minnesota Legislature for all property purchases regardless of size or value.
- How many times does the Board of Regents consider a real estate transaction?
Generally, the Board of Regents' review and approval process occurs in two meetings. Real Estate transactions are agenda items for the Finance and Operations Committee meetings.
- How can a utility obtain permission to use University real estate for installation and maintenance of their equipment?
Start by contacting the Real Estate Office at firstname.lastname@example.org. The Real Estate Office offers utility companies permits to install and maintain their equipment (which includes such things as electrical lines, gas lines, and telecommunications equipment). See also Administrative Policy: Use and Lease of Real Estate
- We are seeking permission from the University to perform environmental investigation or some other matter that requires short-term, invasive access to the property. Who should we contact and what are the requirements?
Start by contacting the Real Estate Office at email@example.com. The Real Estate Office will offer an appropriate Access Agreement to conduct the work. See also Administrative Policy: Use and Lease of Real Estate
- A University building was built from revenue generated by programs operated within our department. We no longer need that building for our activities. Can we sell that building to another University department that can use it?
Buildings are not owned by individual departments, but by Regents of the University of Minnesota, a Minnesota constitutional corporation. If a department no longer needs the use of space previously assigned to the department, the University will re-evaluate the property and, as appropriate, seek out an appropriate reuse or dispose of the property.
Whether a building has been funded by research dollars or other fees, the financial resources belong to the Board of Regents, subject to restrictions established by the granting agency at the time of the grant. Once any restrictions have expired, the University is able to dispose of the property without obligation to the granting agency.
For buildings constructed with proceeds of state general obligations bonds, the University will investigate whether any state bonding monies remain outstanding to ensure compliance with Minnesota Statutes.