Real Estate Office – Approval Authority – Exhibit 4

Exhibit 4

APPROVAL AUTHORITY

Centennial Campus Disposition by Lease Space in Buildings

Vice Chan.      Bldg. & Prop.     Board of         Board of           Dept. of        Council of
Term                  Annual Rent A             Fin. & Bus.           Com.             Trustees        Governors        Admin          State

3 years or less $0- $5,000 X       *  
  $5,001-515,000 X * *   *  
  $15,001-$49,999 X4 X2 *   *  
  $50,000 or more   ** X X1,3 *  
3 + years to 10 years $0-$49,999   X2 *   *  
  $50,000 or more   ** X X1,3 *  
10 + years $0-549,999   X *   X X
  $50,000 or more   ** X X3 X X

* Reported for Information      ** Recommendation Required     X Approval Required

NOTE:

A – Annual Rent includes base rent plus additional rents for operating costs.

1  – The North Carolina General Assembly under Session Law 1998-159 amended GS 116-19834 (5) to empower the Board of Governors of the University ofNorth Carolina to enter into dispositions by easement, lease, or rental agreement of space in any building on the Centennial Campus without obtaining the approval of the Governor and the Council of State, notwithstanding the provisions of GS 143-341 and GS 146 chapter as long as dispositions are for a period of 10 years or less. Approved 2/19/99.

2  – Chancellor or Chancellors appointed representative is authorized, subject to any necessary approvals from State officials or agencies, to execute any lease or rental agreement for space in any building on the Centennial Campus if (a) the business terms of the agreement have been approved by the Committee or Board of Trustees, (b) the agreement is for a period of ten years or less, and (c) the annual rental is less than $50,000. Approved 2/19/99.

3  – Delegation to the Office of President to authorize the execution of leases valued up to $150,000 per year. Actions taken under the delegated authority will be reported to the Committee at its next scheduled meeting. Delegation to Office of President to authorize contracts to acquire real property valued up to $250,000. Actions taken under the delegated authority will be reported to the Committee at its next scheduled meeting. These delegations were approved and recorded in the minutes of the April 11,2001 meeting of the Board of Governor’s Committee on Budget and Finance.

4  – Chancellor or Chancellor’s appointed representative is authorized to approve and execute leases for space in buildings on Centennial Campus that are to be occupied by Incubator Program tenants if annual rent is less than $50,000 and term is 3 years or less. Approved 7/14/03.