A. A local government may directly exercise its metropolitan redevelopment project powers or it may, by ordinance if it determines such action to be in the public interest, elect to delegate the exercise of such powers to the metropolitan redevelopment agency created pursuant to the Redevelopment Law N.M. Stat. Ann. § 3-60A-5 to 3-60A-18. If the local government so determines, the agency shall be vested with all of the powers in the same manner as though all the powers were conferred on the agency or authority instead of the local government.

B. As used in this section, the term “redevelopment project powers” includes any rights, powers, functions and duties of a local government authorized by the Redevelopment Law except the following, which are reserved to the local government, the power to:

(1)     declare an area to be a slum or a blighted area or combination thereof and to designate the area as appropriate for a redevelopment project;

(2)     approve or amend redevelopment plans;

(3)     approve a general plan for the local government as a whole;

(4)     make findings of necessity prior to preparation of a metropolitan redevelopment plan as provided in the Redevelopment Law and the findings and determinations required prior to approval of a metropolitan redevelopment plan or project as provided in the Redevelopment Law;

(5)     issue general obligation bonds and revenue bonds as authorized by law; (6)     approve loans or grants;

(7)     approve leases of more than one year’s duration; (8)     issue redevelopment bonds; and

(9)     appropriate funds and levy taxes and assessments.