Title must be transferred by quitclaim deed without covenant and executed by the president; and be it further

Sec. 5. Exemptions. Resolved: That a conveyance pursuant to this resolve is exempt from any statutory or regulatory requirement that the property first be offered to the Maine State Housing Authority or another state or local agency; and be it further

Sec. 6. Appraisal. Resolved: That the president shall have the current market value of the property determined by an independent appraiser. The property may be listed for sale with a private real estate broker at its appraised value or auctioned or sold directly to a purchaser. The president may negotiate the terms of sale including the purchase price. The president may reject any offers.

If the president elects to solicit bids, notices of sale must be advertised; and be it further

Sec. 7. Proceeds. Resolved: That any proceeds from sales pursuant to this resolve must be deposited in an account to be designated by the president and used to purchase all or a portion of a parcel abutting Southern Maine Community College, said property to be used for parking or other uses in support of Southern Maine Community College's mission; and be it further

Sec. 8. Sunset provision. Resolved: That this resolve is repealed 3 years from its effective date.

SUMMARY

This resolve authorizes the President of the Maine Community College System to sell a 1.37-acre, more or less, parcel of unimproved land owned by Southern Maine Community College in South Portland, provided that the proceeds of the sale are used to purchase land adjacent to the Southern Maine Community College campus for parking or other purposes of the college.