A. For the purpose of aiding in the planning, undertaking or carrying out of a metropolitan redevelopment project located within the area in which it is authorized to act, any public body upon terms with or without consideration may:

(1)     dedicate, sell, convey or lease any of its interest in any property or grant easements, licenses or other rights or privileges in the property to a local government;

(2)     incur the entire expense of any public improvements made by the public body in exercising the powers granted in this section;

(3)     do any and all things necessary to aid or cooperate in the planning or carrying out of a metropolitan redevelopment plan;

(4)     lend, grant or contribute funds to a local government;

(5)     enter into agreements that may extend over any period, notwithstanding any provision or rule of law to the contrary, with a local government or other public body respecting action to be taken pursuant to any of the powers granted by the Redevelopment Law N.M. Stat. Ann. § 3-60A-5 to 3-60A-18, including the furnishing of funds or other assistance in connection with metropolitan redevelopment; or

(6)     cause public buildings and public facilities, including parks and playgrounds, recreational, community, educational, transportation, water, sewer or drainage facilities or any other works that it is otherwise empowered to undertake, to be furnished to the local government; furnish, dedicate, close, vacate, pave, install, grade, regrade, plan or replan streets, roads, sidewalks, ways or other places; plan or replan, zone or rezone any part of the public property or make exceptions from building regulations; and cause administrative and other services to be furnished to the local government.

If at any time title to or possession of any redevelopment project is held by any public body or governmental agency, other than the local government that is authorized by law to engage in the undertaking, carrying out or administration of development projects, including the federal government, the provisions of the agreements referred to in this section shall inure to the benefit of and may be enforced by such public body or governmental agency. As used in this subsection, the term “local government” includes a metropolitan redevelopment agency vested with metropolitan redevelopment project powers pursuant to the provisions of the Metropolitan Redevelopment Code [N.M. Stat. Ann. Chapter 3, Article 60A].

B. For the purpose of aiding in the planning, undertaking or carrying out of the metropolitan redevelopment project by a redevelopment agency, a local government may, in addition to its other powers and upon such terms with or without consideration, perform any or all of the actions or things that, by the provisions of Subsection A of this section, a public body is authorized to do or perform, including the furnishing of financial and other assistance.

C. For the purposes of this section or for the purpose of aiding in the planning, undertaking or carrying out of a metropolitan redevelopment project of a local government, the local government may, in addition to any authority to issue bonds pursuant to the Redevelopment Bonding Law N.M. Stat. Ann. § 3-60A-26 to 3-60A-46, issue and sell its general obligation or revenue bonds. Any bonds issued by a local government pursuant to this section shall be issued in the manner and within the limitations prescribed by the laws of this state for the issuance and authorization of bonds by a local government for public purposes generally.