Relates to disposals and contracts for disposal of property

This bill (A 7848) requires state agencies and public authorities to sell or transfer property at fair market value, unless specific exceptions apply. It adds a new rule that contracts with a "right of first refusal" must ensure the property transfers at or above fair market value when that right is exercised. For sales below fair market value to non-government entities, the bill mandates written notification to the governor and legislature, a 60-day review period, and public disclosure of details like appraisals, transfer purpose, and competing offers. These changes aim to increase transparency and accountability in property transactions by public entities.