Section R850-140-700 - Amendments to Development Transactions1. 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. Any amendments that will materially change the financial terms of a joint venture, Other Business Arrangement, or major development transaction must be approved by the board.Utah Admin. Code R850-140-700
Amended by Utah State Bulletin Number 2022-20, effective 10/11/2022