Arizona Laws 37-214. Board of appeals; approval of participation contracts; appeal
A. Before approving a participation contract, the board of appeals shall review the report submitted by the commissioner pursuant to section 37-239. A majority vote of a quorum of the board is required for the adoption of the report. Upon the adoption of the report the proposed participation contract may be approved. The board shall act within one hundred twenty days after receiving the report.
Terms Used In Arizona Laws 37-214
- Commissioner: means the state land commissioner. See Arizona Laws 37-101
- Contract: A legal written agreement that becomes binding when signed.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Participation contract: means a contract arising out of a sale together with other rights and obligations in trust lands whereby the department receives a share of the revenues generated by subsequent sales or leases. See Arizona Laws 37-101
- Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
- Process: means a citation, writ or summons issued in the course of judicial proceedings. See Arizona Laws 1-215
- Property: includes both real and personal property. See Arizona Laws 1-215
- Quorum: The number of legislators that must be present to do business.
B. Land classified as suitable for commercial or homesite purposes after completing the planning process pursuant to article 5.1 of this chapter shall not be leased for a term greater than ten years unless the board determines that such lease will result in obtaining a higher benefit to the trust than would result if the land were sold. In making this determination, the board shall consider the sales price, the investment earnings potential, the property tax revenues obtainable once the land has been sold, the role of trust earnings in the financing of the activities of the beneficiaries, the potential earnings available through the lease or exchange of the lands in question, the potential long-term appreciation of the land and all other factors deemed relevant by the board.
C. A final decision of the board may be appealed by the commissioner or by any person adversely affected by the decision pursuant to Title 41, Chapter 6, Article 10.