9.10 Use of Property Not Owned by the Board of Regents
9.10.1 Leasing Authority as Tenant
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 by the Board does not exceed the sum of $25,000 per month during the initial term and $35,000 per month during any subsequent renewal term.
The USG chief facilities officer will periodically report to the Board of Regents on lease transactions conducted within his or her delegated authority.
9.10.2 Leasing as Tenant
Currently-owned USG space should be utilized with the greatest efficiency and USG institutions may lease space only when it is appropriate to do so given the nature of the space needed, location of programs, and the space demands on the campus.
Institutions must adequately review each leasing decision to ensure that leased space is sought only when it is more economical to lease than build additional space and:
- There is no appropriate space available on campus;
- The program requires an off-campus site;
- No other campus has appropriate space that may be used; or,
- There are other extraordinary circumstances that require leasing.
Institutions are charged with ensuring that they obtain the best rental rates in the area where leasing is to occur, negotiate the highest level of savings over the initial and subsequent lease terms, and periodically review all leased space against the above criteria to ensure that the leased space is still needed.
Property to which title is held by the Georgia Building Authority and that is leased to the USG cannot be subleased or rented, but may be licensed to an outside party for use for a purpose consistent with the mission of the institution in return for out-of-pocket costs for utilities and custodial services.
9.10.3 Reporting of Leases as Tenant
USG institutions are to report all leased space to the USG chief facilities officer upon request and as needed to allow him or her to exercise oversight on leasing activity.