(1) Before proceeding with any transfer, the board shall first determine, by resolution adopted at a legal meeting of the board: That the property proposed for transfer continues to be needed in the operation of the university; and
(2) That it is in the best interest of the university to transfer the property and use it as lessee under a lease agreement as provided in this subchapter.
(3) The resolution shall designate one (1) or more persons to act on behalf of the board to negotiate with potential owners concerning the terms of the transfer and lease agreement for the property described in the resolution.