Terms Used In Utah Code 63A-5b-905

• Division: means the Division of Facilities Construction and Management created in Section 63A-5b-301. See Utah Code 63A-5b-102
• Division-owned property: means real property, including an interest in real property, to which the division holds title, regardless of who occupies or uses the real property. See Utah Code 63A-5b-901
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Person: means :
       (24)(a) an individual;
       (24)(b) an association;
       (24)(c) an institution;
       (24)(d) a corporation;
       (24)(e) a company;
       (24)(f) a trust;
       (24)(g) a limited liability company;
       (24)(h) a partnership;
       (24)(i) a political subdivision;
       (24)(j) a government office, department, division, bureau, or other body of government; and
       (24)(k) any other organization or entity. See Utah Code 68-3-12.5
• Property: includes both real and personal property. See Utah Code 68-3-12.5
• Transfer of ownership: includes a transfer of the ownership of vacant division-owned property that occurs as part of an exchange of the vacant division-owned property for another property. See Utah Code 63A-5b-901
• Vacant division-owned property: means division-owned property that:
       (12)(a) a primary state agency is not occupying or using; and
       (12)(b) the director has determined should be made available for:

            (12)(b)(i) use or occupancy by a primary state agency; or

            (12)(b)(ii) a transfer of ownership or lease to a secondary state agency, local government entity, public purpose nonprofit entity, or private party. See Utah Code 63A-5b-901
• Written proposal: means a brief statement in writing that explains:
       (13)(a) the proposed use or occupancy, transfer of ownership, or lease of vacant division-owned property; and
       (13)(b) how the state will benefit from the proposed use or occupancy, transfer of ownership, or lease. See Utah Code 63A-5b-901