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SB 894

NC A&ampT Chancellor's Residence Transfer.

2025-2026 Session Introduced by Mujtaba Mohammed and 1 co-sponsor

Transfers state property to NC A&T Real Estate Foundation for $1, with future sale proceeds required to fund a new Chancellor’s residence.

Passed 1st Reading
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Bill Summary · SB 894

Summary of Bill SB 894 (Session 2025) – North Carolina

Title

NC A&T Chancellor's Residence Transfer

Purpose and Intent

  • The bill proposes to convey specific state-owned real property to The North Carolina A&T Real Estate Foundation, Inc. for $1.
  • The conveyed property would be used in connection with the Chancellor’s residence for North Carolina A&T State University, with the Grantee obligated to reinvest proceeds from any future sale into a new Chancellor’s residence for the university.

Key Provisions

  1. Property Conveyance

    • The State of North Carolina would transfer, for $1.00, all its rights, titles, and interests in a single parcel identified as Land Asset ID 1128 (also known by PIN 7866-15-4390 and described in Guilford County records).
    • The transfer is to The North Carolina A&T Real Estate Foundation, Inc. (the Grantee).

  2. Use of Proceeds from Future Sale

    • If the Grantee sells the conveyed property, the sale proceeds must be used to purchase a new Chancellor’s residence for NC A&T.

  3. Conditions of the Conveyance

    • The conveyance would be made “as is” and “where is,” with no warranties from the State regarding title, boundaries, permissible uses, zoning, environmental, physical, health, or safety conditions.

  4. Regulatory and Statutory Compliance

    • The conveyance is exempt from the provisions of Article 7 of Chapter 146 of the General Statutes.
    • The conveyance must comply with Article 16 of Chapter 146, with an exception: the provisions of G.S. 146-74 shall not apply.

  5. Financial Authorization

    • An appropriation of $5,000 (nonrecurring) from the General Fund to the Department of Administration for the 2025-2026 fiscal year to offset transaction costs.

  6. Effective Date

    • The act becomes effective upon becoming law.

Affected Parties

  • State of North Carolina: Owner of the property prior to conveyance; provides the conveyance under the specified terms.
  • The North Carolina A&T Real Estate Foundation, Inc.: Recipient and future administrator of the property; responsible for using sale proceeds to fund a new Chancellor’s residence.
  • North Carolina A&T State University (NC A&T): Beneficiary of the arrangement in terms of Chancellor’s residence funding.
  • Department of Administration (DoA): Handles the real estate transaction; receives $5,000 to offset costs.
  • General Public/Taxpayers: Indirectly affected through statutory compliance and use of state assets.

Procedural and Timeline Notes

  • The bill is filed and referred through the Senate; it sets forth the conveyance process and timelines via statutory references rather than providing a detailed schedule.
  • The conveyance is framed as an immediate transfer once law takes effect, subject to the defined terms and conditions (as is/where is; no warranties).
  • The statute lists exemptions and compliance requirements under state real estate and public asset statutes, guiding how the transfer should be processed.

Notes for Readers

  • The core objective is to transfer ownership of a Chancellor’s residence property to a university-affiliated foundation at nominal consideration, with built-in direction to reinvest any future sale into a replacement residence.
  • The arrangement relies on the grantee to responsibly manage the asset and ensure that the sale proceeds support a new Chancellor’s residence, thereby aligning asset disposition with a university facility objective.
  • The bill provides a modest one-time funding line ($5,000) to support the transaction costs.

Compiled from official sources — confirm details with the bill’s official record.

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