Section 2897. Disposal of public authority property

1. Supervision and
  direction. Except as otherwise provided in this section, the contracting
  officer designated by each public authority shall have  supervision  and
  direction over the disposition of property of such public authority.
    2.  Custody  and control. The custody and control of the property of a
  public authority, pending its disposition,  and  the  disposal  of  such
  property,  shall  be  performed  by  the  public authority in possession
  thereof or by the commissioner of general services  when  so  authorized
  under this section.
    3.  Method  of  disposition.  Subject  to section twenty-eight hundred
  ninety-six of this title, any public authority may dispose  of  property
  for  not  less  than  the  fair  market  value of such property by sale,
  exchange, or transfer, for cash, credit,  or  other  property,  with  or
  without  warranty,  and  upon  such  other  terms  and conditions as the
  contracting officer deems proper, and it may execute such documents  for
  the  transfer of title or other interest in property and take such other
  action as it deems necessary or proper to dispose of such property under
  the provisions of this section. Provided, however, that  no  disposition
  of  real  property, any interest in real property, or any other property
  which because of its unique nature is not subject to fair market pricing
  shall be made unless an appraisal of the value of such property has been
  made by an independent appraiser and  included  in  the  record  of  the
  transaction.
    4.  Sales  by  the  commissioner of general services. When it shall be
  deemed advantageous to the state, any public authority may enter into an
  agreement with the commissioner of general  services  where  under  such
  commissioner  may  dispose  of  property  of such public authority under
  terms  and  conditions  agreed  to  by  the  public  authority  and  the
  commissioner of general services. In disposing of any such property of a
  public authority, the commissioner of general services shall be bound by
  the  terms of this title and references to the contracting officer shall
  be deemed to refer to such commissioner.
    5. Validity of deed, bill of sale, lease, or other instrument. A deed,
  bill of sale, lease, or other instrument executed by or on behalf of any
  public authority, purporting to transfer title or any other interest  in
  property  of  a  public  authority  under this title shall be conclusive
  evidence of compliance with the provisions  of  this  title  insofar  as
  concerns  title or other interest of any bona fide grantee or transferee
  who has given valuable consideration for such title  or  other  interest
  and  has  not  received  actual  or  constructive notice of lack of such
  compliance prior to the closing.
    6. Bids for disposal; advertising; procedure; disposal by negotiation;
  explanatory statement. a. All disposals or  contracts  for  disposal  of
  property  of  a  public  authority made or authorized by the contracting
  officer shall be made after publicly  advertising  for  bids  except  as
  provided in paragraph c of this subdivision.
    b.  Whenever public advertising for bids is required under paragraph a
  of this subdivision:
    (i) the advertisement for bids shall be made at such time prior to the
  disposal or contract, through  such  methods,  and  on  such  terms  and
  conditions as shall permit full and free competition consistent with the
  value and nature of the property;
    (ii) all bids shall be publicly disclosed at the time and place stated
  in the advertisement; and
    (iii)  the award shall be made with reasonable promptness by notice to
  the responsible bidder whose bid, conforming to the invitation for bids,
  will be  most  advantageous  to  the  state,  price  and  other  factors

  considered;  provided,  that  all bids may be rejected when it is in the
  public interest to do so.
    c.  Disposals and contracts for disposal of property may be negotiated
  or made by public auction without regard to paragraphs a and b  of  this
  subdivision  but  subject  to  obtaining such competition as is feasible
  under the circumstances, if:
    (i) the personal property involved is of a nature and quantity  which,
  if  disposed  of  under  paragraphs  a  and b of this subdivision, would
  aversely affect the state or local market for  such  property,  and  the
  estimated  fair  market  value  of  such property and other satisfactory
  terms of disposal can be obtained by negotiation;
    (ii) the fair market value of the property  does  not  exceed  fifteen
  thousand dollars;
    (iii) bid prices after advertising therefor are not reasonable, either
  as  to  all or some part of the property, or have not been independently
  arrived at in open competition;
    (iv) the disposal will be to the state or any  political  subdivision,
  and   the  estimated  fair  market  value  of  the  property  and  other
  satisfactory terms of disposal are obtained by negotiation;
    (v) the disposal is for an amount less than the estimated fair  market
  value of the property, the terms of such disposal are obtained by public
  auction  or  negotiation,  the  disposal  of the property is intended to
  further the public health, safety or welfare or an economic  development
  interest  of  the  state  or a political subdivision (to include but not
  limited to, the prevention or remediation of  a  substantial  threat  to
  public  health  or  safety,  the  creation or retention of a substantial
  number  of  job  opportunities,  or  the  creation  or  retention  of  a
  substantial  source  of  revenues,  or  where  the  authority's enabling
  legislation permits), the purpose and the terms  of  such  disposal  are
  documented  in  writing  and  approved by resolution of the board of the
  public authority; or
    (vi) such action is otherwise authorized by law.
    d. (i) An explanatory statement shall be prepared of the circumstances
  of each disposal by negotiation of:
    (A) any personal property which has an estimated fair market value  in
  excess of fifteen thousand dollars;
    (B)  any  real  property  that  has  an estimated fair market value in
  excess of one hundred thousand dollars, except that  any  real  property
  disposed  of  by  lease or exchange shall only be subject to clauses (C)
  through (E) of this subparagraph;
    (C) any real property disposed of by lease for a term of five years or
  less, if the estimated fair annual rent is  in  excess  of  one  hundred
  thousand dollars for any of such years;
    (D)  any  real  property  disposed of by lease for a term of more than
  five years, if the total estimated rent over the term of the lease is in
  excess of one hundred thousand dollars; or
    (E) any real property or real and related personal  property  disposed
  of  by  exchange,  regardless  of value, or any property any part of the
  consideration for which is real property.
    (ii) Each such statement shall be transmitted to the persons  entitled
  to  receive  copies  of  the  report required under section twenty-eight
  hundred ninety-six of this title not less than ninety days in advance of
  such disposal, and a copy thereof shall be preserved in the files of the
  public authority making such disposal.