SECTION 260:95-3-9. Disposal of surplus property through liquidation

(a)   The Director of Real Estate and Leasing Services may determine it is in the best interest of the state to dispose of a property through liquidation, in compliance with 74 OS § 61.8 and 61 OS § 327, when the property has been offered for sale through public auction or sealed bids two (2) or more times and no acceptable bids were received. In determining if it is in the best interest of the state to liquidate a property, the Director of Real Estate and Leasing Services may consider the following:

(1)   If continued ownership creates a liability for the state;

(2)   If environmental factors are present that affect the desirability and value of the property; or

(3)   If undue expenses to the citizens and State of Oklahoma are created by continued ownership of the property.

(b)   Upon determining liquidation of a property is in the best interest of the state, the Director of Real Estate and Leasing Services shall make a recommendation to the Long-Range Capital Planning Commission that the property be disposed of through liquidation.

(c)   Upon receiving approval for liquidation of the property from the Long-Range Capital Planning Commission, the Director of Real Estate and Leasing Services may elect to offer the property through:

(1)   Sealed bids,

(2)   Public auction, or

(3)   Electronic auction.

(d)   The Director of Real Estate and Leasing Services shall cause proper notice to be published in accordance with 61 OS § 327, regardless of the method of auction.

(e)   Real Estate and Leasing Services will advertise the liquidation of the property. Methods of advertising may include:

(1)   Posting signs and banners;

(2)   Conducting public viewings of the property;

(3)   Publishing electronic notices or advertisements;

(4)   Press releases;

(5)   Social media;

(6)   Listing the property on the Real Estate and Leasing Services web page;

(7)   Listing the property on real estate industry listings;

(8)   Listing the property on public listings, and

(9)   Other methods of advertising as appropriate.

(f)   If the Director of Real Estate and Leasing Services elects to offer the property through public or sealed bids, the procedure in 260:95-3-7 shall be followed, except Real Estate and Leasing Services may accept a bid of less than ninety percent (90%) of the appraised value.

(g)   Real Estate and Leasing Services may reject any and all bids.

[Source: Added at 35 Ok Reg 1363, eff 9-14-18]