(1) The vice president for business and financial affairs shall carefully examine and evaluate all proposals for lease of university property and provision of services or selling of goods. The factors considered by the university in evaluating such proposals shall include but not be limited to the following:

(a) The capabilities, qualifications, and experience of each person, firm, corporation, or organization who would be involved in the execution of the proposal;

(b) The financial stability of each person, firm, corporation, or organization owning and/or operating the proposed service facility;

(c) The educational, academic and financial value of each proposal to the university;

(2) Upon completion of the evaluation, the vice president for business and financial affairs shall evaluate which, if any, of the submitted proposals is in the best interests of the university. The vice president for business and financial affairs shall have authority to reject all proposals as being unsatisfactory. The vice president for business and financial affairs shall forward his/her recommendation as to the best proposal and the reasons therefor to the president in writing.

(3) The president shall make a final determination of which proposal is in the best interest of the university and shall award the lease to that applicant. The president's decision is final and not subject to further appeal with the university.