Institutions shall submit the following materials to the Board:
(1) a signed Board of Regents Certification form certifying
that the institution's Board of Regents or its delegated authority
has approved the project and that the project complies with applicable
state and federal requirements as listed on the form shall be submitted
to the Board before the start of the project.
(2) Institutions shall submit a completed project application
electronically through the Board's website once completed project
costs are known, but no later than 90 days after the project has been
added to the Facilities Inventory.
(3) For Real Property Purchase Projects, in addition
to paragraphs (1) and (2) of this section, institutions shall submit
appraisals in accordance with the below:
(A) An institution shall provide two current appraisal
reports providing a current value of the property. The most recent
appraisal of the local property tax appraisal district may be used
for one of these reports.
(B) Appraisals shall be considered current if the appraisal
was completed no more than two years prior to the date the project
application is submitted to the Coordinating Board.
(4) Appraiser Credentials. Any appraisal report provided
to the Board under this section shall certify that the appraiser(s)
meets one of the following requirements:
(A) Is designated an Accredited Senior Appraiser by
the American Society of Appraisers (A.S.A.) with the professional
designation in real estate;
(B) Is a member of the Appraisal Institute designated
M.A.I. by the Appraisal Institute and is experienced in the valuation
and evaluation of commercial, industrial, residential, and other types
of properties, and who advise clients on real estate investment decisions;
(C) Is a member of the Appraisal Institute designated
S.R.P.A. and is experienced in the valuation of commercial, industrial,
residential, and other types of property;
(D) Is a member of the Appraisal Institute designated
S.R.A. and is a real estate solutions provider who is experienced
in the analysis and valuation of residential real property;
(E) Is a senior member of the National Association
of Independent Fee Appraisers designated IFAS;
(F) Is an appraiser-counselor member of the National
Association of Independent Fee Appraisers designated IFAC;
(G) Is a licensee of the Texas Appraiser Licensing
and Certification Board in good standing and certified or licensed
at the appropriate level for the project and must comply with the
Uniform Standards of Professional Appraisal Practice (USPAP). The
appraiser must also state that they have the knowledge and experience
to complete the assignment competently; or
(H) Is a member of the American Society of Farm Managers
and Rural Appraisers (ASFMRA) designated as an Appraisal Rural Appraiser,
or ARA, who is experienced to value rural property matters as they
relate to rural property acquisitions, dispositions or condemnation
needs.
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