R850-140-700. Amendments to Development Transactions

1. The agency may amend development transactions subject to the conditions contained in Subsections R850-140-700(2) through(4).

2. No amendment to a development transaction shall result in the trust receiving less than fair market value for the sale, use or exchange of the property in question.

3. The director shall deliver a summary description of the terms of proposed material amendments to minor or major development transactions to the board with sufficient detail to permit the board to review the proposed amendment consistent with its statutory duties.

4. All amendments that will materially modify the financial terms of a joint venture, Other Business Arrangement, or major development transaction must be approved by the board.