March 20-21, 2003
ITEM 118-2804-R0303††††††††††††††† Authorization to Accept Offer for the Sale of Property Located at 1215 McKinley Avenue, Havre, Montana; Montana State University-Northern
THAT:†††††††††††††††††††††††††††††††††††††† The Board of Regents of Higher Education authorizes Montana State University-Northern to accept an offer for the sale of property located in the Highland Park subdivision at 1215 McKinley Avenue, Havre, Montana.
EXPLANATION:††††††††††††††††††††††† Montana State University-Northern desires to sell residential property that the University has owned for many years.† Legal description of property is Lots 544 and 545 of Highland park, a subdivision of a portion of Section 7, Township 32 North, Range 16 East M.P.M.† The lots include no structures and 8700 square feet of land.† Sale of the lots will be as is.
In accordance with Section 20-25-307, MCA, Montana State University-Northern solicited proposals for the purchase of the property. The property was appraised at $14,000 in 2002. A minimum bid of $14,000 cash was required.
In addition to the proposal offer amount, the proposed purchasers agree to pay any lender costs that might be required, which may include: appraisal, survey of the property, title insurance costs; real estate commissions, or closing costs. The University will pay no real estate commissions. Proposed buyers submitted evidence of pre-approval for loans as an attachment to their bid. Payment in full at the time of closing is required.
As required, MSU-Northern published a public notice of the Request for Proposals in the Havre Daily News for four consecutive weeks during January and February 2003.†
Two bids were received and the bid opening took place on February 14, 2003. The proposed purchaser with the highest acceptable bid ($14,250) was notified and the buy/sell agreement was negotiated and signed. Upon final approval from the Board of Regents, the proposed sale will be presented to Board of Land Commissioners at their April 21, 2003 meeting. The sale will be finalized at closing by issuance of deed, without covenants of warranty, as specified under Section 20-25-307, MCA. A closing date in June 2003 is anticipated.
In the event of default by the apparent successful purchaser, the purchaserís bid security of $500 will be forfeited to the University as damages and the next highest proposed purchaser will be notified.
ATTACHMENT††††††††††††††††††††††††† Land Appraisal Report