Okla. Admin. Code § 385:25-1-34

Current through Vol. 42, No. 4, November 1, 2024

Section 385:25-1-34 - Procedure for bidding for commercial leases

(a)Short term commercial leases. Commercial leases with a term of three (3) years or less must be for annual rent of not less than fair market rental value, but no public bidding is required.

(b)Long term commercial leases. Commercial leases with a term of over three years shall be at public bidding for annual rent of not less than fair market rental value. The following procedures will be followed:

(1)Advertisement. The method for advertising the leases for public bid shall be at the sole discretion of the CLO in such manner as to best provide the information to prospective lessees.

(2)Minimum bid. No bid shall be accepted which is below the minimum fair market value.

(3)Right to refuse. The CLO reserves the right to refuse any and all bids.

(4)Minimum cash deposit. Successful high bidder at auction shall pay the first year's annual rent at the time of the auction.

Okla. Admin. Code § 385:25-1-34

Added at 16 Ok Reg 1451, eff 5-27-99