This includes any Contract in which the university acquires, sells, or acts as lessee or lessor of Real Property.
Real Property includes land, buildings, or space within a building. It does not include rooftops or small sections of land or a building that are leased to house equipment such as telecommunications towers (such arrangements would be governed by the Purchase or Sale of Goods or Services, or Revenue Generating Service Contract Signing Authority matrices).
RELATED POLICIES : Gift Acceptance Policy
RELATED PROCEDURE: Purchases and Dispositions of Real Estate / Leasing of Property as a Lessee or Lessor
| Contract | Contract Value or Other Description | Approval required prior to Contract execution | Signing Officer |
|---|---|---|---|
| Real Estate Property Acquisition/ Disposition | Nominal land value or land required for a technical reason (e.g., road widening) | AVP Facilities | Vice-Principal (Finance and Administration) + Principal |
| Real Estate Property Acquisition | under $5,000,000 | SLT | Vice-Principal (Finance and Administration) + Principal |
| $5,000,000 or more | Board of Trustees* | Vice-Principal (Finance and Administration) + Principal | |
| Real Estate Property Disposition | Under $ 2,000,000 | SLT | Vice-Principal (Finance and Administration) + Principal |
$ 2,000,000 or more | Board of Trustees | Vice-Principal (Finance and Administration) + Principal | |
| Leasing of Real Property as Lessee or Lessor | One-year residential leases | Dean or Designate (e.g., CFAO of Faculty) | Director of Campus Planning and Real Estate |
| Residential leases for properties owned by the university | Executive Director, Housing and Ancillary Services or Designate | Executive Director, Housing and Ancillary Services or Designate | |
Up to 21 years AND up to $10,000,000 in Base Rent, including extension terms | SLT | Vice-Principal (Finance and Administration) + Provost | |
longer than 21 years OR more than $10,000,000 in Base Rent, including extension terms | Board of Trustees | Vice-Principal (Finance and Administration) + Principal |
*Contracts for the acquisition of Real Estate for which the acquisition has been approved by the Board of Trustees under the Gift Acceptance Policy do not require Board approval to execute the Contract.