Bureau of Building, Grounds, and Real Property Management delegated authority to

advertise for the sale of the property on April 22, 2008. The Bureau of Building,

Grounds, and Real Property has reviewed the advertisements, appraisals, and the sale

agreement and has concurred with their adequacy. Two independent appraisals were

performed (one for $1,500,000 and one for $1,550,000) with an average appraisal

value of $1,525,000. The property was publicly advertised and two proposals were

received, both of which were less than the average of the two appraisals.

Negotiations were entered with the high proposer (CCM Capital Assets, LLC),

resulting in a sale price of $1,555,000 which is $30,000 above the average of the two

appraisals. A copy of the property description and all legal documentation are on file

with the Office of Real Estate and Facilities. The University of Southern Mississippi

acting in accordance with Board Policy §905(A), Real Estate Management, that

requires each institution to receive Board approval prior to the execution of a contract

for the sale of real property and to receive two independent appraisals with the sale

price of the real property being no less than the average of the two appraisals.

property known as The Old Albertsons Building to CCM Capital Assets, LLC.