This new policy provides guidelines for acquiring and disposing of real property by lease to ensure coordinated compliance with applicable laws, regulations, and governing policies. Leases are governed by state statutes and require varying levels of approval. Depending on the annual rent amount, leases may require approval up to and including the Council of State and execution by the Governor. All lease requests must be evaluated by the UNC Charlotte Real Estate Office and approved by the Property Review Committee. If the need for leased space is appropriately justified, funded, and approved, the Property Officer will process the request to seek the approvals required by applicable State Law and UNC System policies and procedures. The UNC Charlotte Real Estate Procedures Manual serves as supplemental instruction for this policy and provides detailed procedures.