University of California: transfer of real property.

Existing provisions of the California Constitution provide that the University of California constitutes a public trust and requires the university to be administered by the Regents of the University of California, a corporation in the form of a board, with full powers of organization and government, subject to legislative control only for specified purposes, including such competitive bidding procedures as may be applicable to the university by statute for the letting of construction contracts, sales of real property, and purchasing of materials, goods, and services. Existing law requires the regents to give prescribed public notice to bidders of the sale of university real property situated in California that is estimated at more than $1,000,000 in net value to the university. Existing law requires the regents to accept in public a bid for the sale that offers the best combination of price, terms, and bidder's qualifications to the university, or reject all bids or proposals. Existing law exempts certain transactions from these publication and award procedures. This bill would additionally exempt from certain publication and award procedures the transfer of specified real property in the City of Berkeley from the regents to the Berkeley Student Cooperative for the purpose of maintaining affordable housing. This bill would require the regents to reserve a right of reverter for the University of California that may be subordinated at the discretion of the regents and would be subject to existing liens and obligations of the property, in the event the property ceases to be used for affordable housing by the Berkeley Student Cooperative and its successors or assigns. This bill would make legislative findings and declarations as to the necessity of a special statute for the transfer of that real property.