November 20-21, 2003

ITEM 121-2702-R1103                Purchase of Real Property (2415 Elm Street); Montana State University-Billings


THAT:                                       The Board of Regents of the Montana University System authorizes Montana State University-Billings to purchase the Billings property commonly referred to as 2415 Elm Street.


EXPLANATION:                        The property is within the area of purchase authorized by the Board of Regents in the previously approved Agenda Item entitled Authorization to Acquire Real Property; Montana State University-Billings.  Revenue generated by MSU-Billings' rental properties would be utilized for the purchase; no state funds would be expended.  According to Board Policy 1003.3, at least two independent appraisals have been secured to establish the purchase price.  (Appraisals will be available for Board=s consideration.)  The Board of Regents approves the purchase at a maximum amount equal to the highest appraised value.