A. When the Commissioners of the Land Office determine it is in the best interest of the trust, the Commissioners may invite the presentation of written proposals for the lease, sale, exchange, construction, maintenance, repair, improvement, development or redevelopment of any investment real property, as defined in this section, contained within the Land Office trust.

B. The term "investment real property" shall include all real property acquired by the Commissioners for investment purposes and shall exclude all real property originally granted in the Enabling Act of 1906.

C. Proposals shall be evaluated by the Commissioners of the Land Office investment committee which shall make recommendations to the Commissioners. The Commissioners shall retain authority to make all decisions concerning investment real property. Evaluation of the proposals shall be based on the following criteria:

1. The economic benefit of the proposal to the Land Office trust, advancement of long-term capital asset plan, investment objectives, or other advantages to the Land Office trust for the benefit of the trust;

2. The qualifications and experience of the construction or maintenance provider, developer or redeveloper; and

3. The financial ability of the construction or maintenance provider, developer or redeveloper to perform in a timely fashion.

D. The Secretary of the Land Office may enter into negotiations with one or more respondents and may enter into contracts with the respondent or respondents selected by majority vote of the Commissioners in an open meeting.

E. The Commissioners may reject any and all bids.

Added by Laws 2016, c. 71, § 5.