The established project standards for Improved Real Property Purchase projects are as follows:(1) Space Need--The project shall not create a campus space surplus, or add to an existing surplus, as determined by the space projection model report, required by §17.100 of this title (relating to Board Reports).(2) Cost--The proposed purchase price should not exceed the higher of two appraisal values. If the purchase price is greater than the highest appraised value, the institution shall demonstrate the need for purchasing the property at the greater value.(3) Repair and Renovation--If the project includes repair and renovation of any improvements on the property, the standards in §17.31 of this title (relating to Standards for Repair & Renovation Projects) shall apply.