Wis. Stat. § 36.33

(1) Legislative intent. The legislature finds and determines that, because of the problems resulting from the development of cities, villages, towns, and counties around certain agricultural lands of the University of Wisconsin-Madison, the desirability of consolidating lands used for agricultural instruction, research and extension purposes, the desirability of disposing of agricultural lands no longer needed by the university and the need for land of better quality and of greater quantity for the purpose of improving and expanding agricultural research, it is in the public interest for the board to sell, lease, or exchange, in whole or in part, the agricultural lands and improvements thereon owned by the board and used by the University of Wisconsin-Madison for the purpose of agricultural instruction and research and to purchase or otherwise acquire other agricultural lands or other lands intended to be used by the University of Wisconsin-Madison for the purpose of agricultural instruction and research. The foregoing policy determination is made without reference to or intention of limiting the powers which the board may otherwise have. The purchase or acquisition of lands or interests therein under this subsection is exempt from s. 20.914 (1) .

(2) Method of sale or lease; assessments. (a) The board, in selling or leasing any part of the agricultural lands and improvements thereon under sub. (1) , shall sell or lease on the basis of either of the following: 1. Public bids, with the board reserving the right to reject any or all bids in the best interest of the state. 2. Negotiated prices. (b) Notwithstanding any provisions of law to the contrary, the lands sold, leased, or exchanged under sub. (1) shall be subject to special assessments for public improvements by cities, villages, and towns, in the same manner and to the same extent as privately owned lands, if the public improvements are of direct and substantial benefit to the lands that have been platted for sale. (3m) Exchange. The board may exchange under sub. (1) part or all of any parcel of agricultural land for any other land of approximately equal value if all of the following are satisfied: (a) The lands exchanged are of a like kind. (b) The board determines that the exchange contributes to the consolidation or completion of a block of land, enhances the conservation of agricultural lands, or is otherwise in the public interest. (4) Proceeds. The net proceeds from the sale, lease, exchange, purchase, or other acquisition of agricultural lands and improvements under sub. (1) shall be deposited into a nonlapsible fund for the purpose of purchasing additional land under sub. (1) or erecting facilities for research and instruction in animal husbandry, agricultural engineering, and agricultural and life sciences at the University of Wisconsin-Madison. Such funds shall become available only upon consent and recommendation of the board and, if used for the erection of facilities, upon authorization by the building commission. Authorization of the building commission is not required to make such funds available for the purchase of land.