It is the policy of the Board of Trustees that real property acquisition price be based on a true value with regard for fair remuneration to the seller but not an enhancement of the value of the site to the seller.
The President shall be responsible for site acquisition negotiations for the College.
Discussion of possible sites may be carried on in a closed session of the Board, but all official actions must be taken in an open, public meeting. Official Board action is required to execute a valid contract, and a record of that action must be a part of the minutes of the Board. The process used in acquiring real property must be in accordance with the law. Any deviation from the strict requirements of the law may render the transaction void.
M.C.L. 380.143, 380.1262