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| FAQ
for Purchases and Sales |
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1. Does the University sell real estate?
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Yes, although not often. The University sells
property that is declared "surplus" by the Board
of Regents. Current "surplus"
property
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2. How can I buy real estate from
the University?
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3. Who owns University real estate?
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The Regents of the University of Minnesota,
a Minnesota constitutional educational corporation, owns University
real estate.
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4. How does the University declare
its real estate "surplus"?
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When property has fulfilled its useful life,
or is no longer useful in support of the University's educational
mission, the property may be declared "surplus."
The Board of Regents considers whether to designate property
"surplus" when such property has aggregate consideration
in excess of $250,000 or is larger than 10 acres.
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5. How often does the Board of Regents
meet?
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The Board of Regents typically meets once
a month, except during January and August.
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6. How can I find out what property
the University owns, and where it is located?
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The University owns over 28,000 acres of land
throughout the state of Minnesota, including the Twin Cities,
Morris, Duluth, and Crookston campuses. The U also owns the
mineral rights to almost 30,000 acres in Minnesota, and elsewhere
around the country. The Real Estate
Land Report as of June 30, 2007 is now online; it shows
the University Land holdings by region.
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7. How can I get an easement from
the University?
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8. If the Universiy is a non-profit,
state-supported institution, why does it rent and sell property
at all?
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Any monies derived from the sale or leasing
of land fund academic, scholarship, or other educational missions
of the University, or are applied to operating costs.
More questions? Contact
Kelley Brandt, our
Real Estate Transactions Manager
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