Leasing Policy and Procedures

Leasing Policy and Procedures

Campus departments and business units may have the need to lease off-campus space for a variety of reasons.  There are slightly different policies and procedures that must be followed by either UofL or ULP.  The office of real estate will determine which organization will be the leasing entity.

The University is required to follow very strict state statues and policies when leasing property.  It is critical that any unit looking for additional space follow the below process to ensure that the University does not deviate from state law.  Contract Administration has the responsibility of facilitating this process and will assist campus units in navigating this process. (Kentucky Revised Statutes of Real Estate).

Steps in the process are as follows

  1. Complete the Leasing Request Form
  2. The Real estate office will determine which organization is the leasing entity with input from the program and will assign the request to the appropriate UofL or ULP lease administrator.
  3. The lease administrator will work with the Department unit representative to advertise (if required), inspect proposed property, and negotiate lease agreement.
  4. The lease administrator will coordinate for legal review, insurance coverage and obtain approvals of the terms and conditions.
  5. The final lease agreement will be executed by an officer of the corporation.  Copies of the lease agreement will be provided to, the Department Unit and Landlord. Digital copies are available within the Archibus Lease Management Module or by request from your lease administrator.

Lease Processing Time Frame

The following guidelines are provided as a reference to indicate an approximate time frame in leasing real property:

University of Louisville Physicians (ULP)

Leases should expect an approximate time frame of 3-6 months to complete the leasing process.

For University of Louisville Health Science Campus (HSC)

Annual Lease Cost

Approval Authority Level

Estimated Time Needed

Less than $100,000

Senior Associate VP for Business Affairs

3 – 6 months

Over $100,000

CPBOC (Frankfort)

6 – 12 months

Over $200,000**

 

1 – 3 years

**Require to be a line item in the state executive branch budget bill.  Check with your leasing administrator regarding existing lease capital authorization.