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UAB to sell two gifted Cullman lots; proceeds to fund pancreatic cancer research
Summary
The board approved acceptance of two undeveloped residential lots in Cullman donated by the Samuel Miller Trust and authorized their sale to adjacent property owners for $40,000; proceeds are designated for UAB pancreatic cancer research.
The Board approved a resolution to accept two undeveloped lots in the Hidden Lakes subdivision in Cullman as a gift to UAB from the Samuel Miller Trust and to execute a sales agreement with adjacent buyers William Theodore Munger and Kristen Munger for $40,000 ($20,000 per lot).
Mike Rogers, assistant vice chancellor for construction management, said the parcels are contiguous, undeveloped, and were listed with a licensed broker. The board packet included a broker's opinion of value that appraised the two lots at $32,000 ($16,000 per lot), while the buyers offered $40,000; Rogers said proceeds from the sale will be directed to UAB pancreatic cancer research as designated by the donor. Trustees approved the transaction by voice vote.
The resolution authorizes acceptance of the gift and execution of the real estate sales agreement; the transcript does not include closing schedules or related legal exhibits.
