(1) The office shall obtain and maintain a correct and current inventory of all real property owned by or held in trust for the state or any state agency or state institution of higher education, and, in cooperation with the attorney general, correct any defects in title to said real property necessary to vest marketable title in the state. (2) Such inventory must include sufficient information to identify such real property with respect to which unit of the state has control thereof, where such real property is located, and when and from what source the real property was acquired, including subsequent improvements. The office shall establish and maintain an accurate index system which will assure that inquiries as to the location and control of all such real property will be promptly answered. (3) The office shall establish procedures whereby each state agency and state institution of higher education is required to report all acquisitions of real property, including improvements, and all dispositions thereof to the office to enable the inventory to be promptly and accurately maintained with respect to such changes. The report must include a copy of each purchase or sale agreement pertaining to the acquisition or disposition of real property, including improvements, or, if such agreements are not available, such other documents describing the terms and conditions of the transaction as the office finds to be appropriate in order to maintain the information required by subsection (2) of this section. For each transaction involving the acquisition or disposition of real property, the state agency or the state institution of higher education shall also provide to the department a copy of the deed pertaining to the real property after the deed has been recorded. (3.5) (a) With respect to all real property owned by or held in trust for the state or any state agency or state institution of higher education, each state agency or state institution of higher education shall identify any vacant facility under its control. As used in this section, "vacant" means: (I) Unoccupied; (II) Unused in whole or in part for the purposes for which the improvement was designed, intended, or remodeled; or (III) Without current defined plans by the state agency or state institution of higher education for the next fiscal year. (b) A state agency or state institution of higher education must submit for the approval of the office a facility management plan for any vacant facility consistent with the procedures established by the office. The state agency or state institution of higher education must submit the facility management plan to the office within thirty days after the facility becomes vacant. In addition to any other information required by the office, the facility management plan must include the following: (I) A financial analysis of the possible uses of the facility; (II) Any plans for the disposal of the facility through sale, lease, demolition, or otherwise; (III) If the state agency or state institution of higher education does not intend to dispose of the facility during the next fiscal year, a plan for the proposed controlled maintenance, if any, necessary to avoid the deterioration of the vacant facility; and (IV) Whether the facility has or is eligible to receive a national, state, or local historic designation or listing. (c) (I) For each year after the office approves a facility management plan, the state agency or state institution of higher education shall submit an annual facility management plan update consistent with the procedures established by the office. The update must be submitted on or before November 1 of the year following the approval of a facility management plan and each November 1 thereafter until such time that the facility is no longer vacant. In addition to any other information required by the office, the update must identify all actions taken by the state agency or state institution of higher education within the last year consistent with the facility management plan. If based on the update or on any other information known by the office, the office determines that the state agency or state institution of higher education has failed to comply with the provisions of an approved facility management plan, the office may revoke the approval of the facility management plan. If the office revokes approval of the facility management plan, a state agency or state institution of higher education is required to submit a new facility management plan for the vacant facility subject to the provisions of this subsection (3.5). (II) In addition to any other requirements of subparagraph (I) of this paragraph (c), the facility management plan update must describe any changes proposed by the state agency or state institution of higher education to the facility management plan. Any proposed changes to the facility management plan are subject to the approval of the office, and any approved changes become part of the facility management plan for purposes of future updates. (d) Any facility management plan or update required to be submitted by a state institution of higher education pursuant to this subsection (3.5) must be submitted to the Colorado commission on higher education instead of the office. The commission shall submit a copy of the facility management plan or update and the commission's recommendations regarding it to the office. (e) Repealed. (f) No state agency or state institution of higher education is eligible for any capital construction appropriations until the office approves a facility management plan for all vacant facilities controlled by the state agency or state institution of higher education; except that the capital development committee may exempt a state agency or state institution of higher education from the provisions of this paragraph (f). (4) For purposes of maintaining a current inventory, no acquisition or disposition of real property may be made and no funds or other valuable consideration may be given by a state agency or state institution of higher education for such acquisition, nor may any final document of conveyance of real property be transmitted to a purchaser, until a complete report on such transaction as required pursuant to subsection (3) of this section has been filed with the office and the office has issued a written acknowledgment of the receipt of such report to the state agency or state institution of higher education. Such written acknowledgment must be issued without delay, and nothing in this section should be construed to give the office any power to approve or disapprove any acquisition or disposition of real property, improvements thereon, or other capital assets. (5) (Deleted by amendment, L. 2014.) (5.5) The office shall cause to be developed performance criteria for real property. An analysis must be made upon selected real property against the performance criteria to assess whether the selected real property should be considered for sale or other disposition if such real property is not performing and is determined not to be of sound investment value, or should be held for an identified future state need. The office may contract to maintain such inventories, develop such performance criteria, and perform such analysis and may enter exclusive brokerage agreements on behalf of state agencies and state institutions of higher education to the extent necessary to accomplish the maintenance of such inventory and such analysis. The office shall make recommendations to the capital development committee regarding various real property management strategies resulting from such analysis. This subsection (5.5) does not apply to property that is subject to the provisions of section 43-1-106 (8)(n), C.R.S. (6) Notwithstanding section 24-1-136 (11)(a)(I), the office shall prepare an annual report of the acquisitions and dispositions of real property subject to this section and make the report available to the members of the capital development committee. Such report must include a description of the real property and its present use and value.
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