9.9 Use of Board of Regents Property
9.9.1 Leasing Authority as Landlord
The Chancellor and the University System of Georgia (USG) chief facilities officer may execute documents and take other actions in the name of, under the Seal of, and on behalf of the Board of Regents of the University System of Georgia without prior approval by the Board any and all rental agreements, supplemental agreements, and subrental agreements in which the Board of Regents is named as the landlord of the property rented and where the total rent to be paid to the Board does not exceed $25,000 per month during the initial term and $35,000 per month during any subsequent renewal term.
The USG chief facilities officer will shall periodically report to the Board of Regents on lease transactions where the Board of Regents is named as the landlord.
9.9.2 When to Lease as Landlord
Board of Regents’ owned space within the USG is should be utilized with the greatest efficiency. USG institutions should lease facilities to others only when:
- There is sufficient excess capacity available on campus; and
- The rental rates are fair and equitable; and
- The use of the leased space is compatible with the institution mission or of benefit to the institution; or
- There are other extraordinary circumstances that require leasing.
Institutions shall periodically review all space leased to others against the above criteria to ensure it is still appropriate and provide an annual report on leased space to the USG chief facilities officer who will exercise oversight on leasing activity.
9.9.3 Lease of Residential Facilities
The Chancellor is authorized to lease housing to groups external to the USG for a maximum term of one year under the following conditions:
- Any option periods or extensions beyond one year must be approved by the Board.
- Housing facilities will only be leased to outside parties when there is sufficient excess capacity and such lease will not impact the ability to house all institutional students desiring housing during the term of the lease.
- Any lease to outside parties should be contemplated only after a good faith effort has been made to fill housing with USG students.
- Any lease of housing must be compatible with the mission of the institution and must not be disruptive to the institution’s students occupying housing.
- Leases for other than an institution’s own students will only be considered in priority order for cooperative interns, college students, education institutions, or not-for-profit education institutions. Leases to individuals or groups not in these categories will not be considered.
- The lease rate will be at market rates for comparable housing in the vicinity and in no case will be less than the rate being charged to the institutional students for similar accommodations.
- Payment for the lease will be made in full prior to the commencement of the term of the lease.
The President of each institution may recommend to the Chancellor or the USG chief facilities officer the leasing of residential facilities up to 2,000 square feet owned by the USG for fair market value rent and for a period of time up to two years at such times when such facilities are not in use by the institution. The President shall certify that such proposed lease of residential facilities does not adversely affect or impact the institution. Any revenues generated by such proposed lease of residential facilities will be used only for maintenance of the residential facility. Such leases shall be in writing and shall be consistent with guidelines promulgated by the Chancellor or the USG chief facilities officer.
9.9.4 Lease of Research Facilities
The following policies shall govern the leasing of laboratory and research facilities:
- The President of each institution may recommend to the Chancellor the leasing of laboratory and research facilities owned by the USG to private businesses, companies, and corporations for the purpose of small business and economic development during times when such laboratory and research facilities are not in use by the institution.
- The President shall certify that the proposed lease of such laboratories or facilities does not adversely affect or impact on the institutional or research programs at the institution or conflict with the academic and service mission of the institution.
- Such leases shall be in writing and shall be consistent with guidelines promulgated by the Chancellor or the USG chief facilities officer.