A. When a local government has complied with the provisions of the Redevelopment Law N.M. Stat. Ann. § 3-60A-5 to 3-60A-18 concerning public hearing and designation of an area as a metropolitan redevelopment area, it may prepare or cause to be prepared a metropolitan redevelopment plan; however, prior to final consideration of the plan by the local government, the plan shall be the subject of at least one public hearing held by the local government or the local government’s planning commission, at which time comments from the public as a whole can be gathered and considered by the local government in its preparation of the final plan. The local government may hold a public hearing for purposes of approval of the proposed plan, as provided in Subsection B of this section, only after the hearing required by this subsection.

B. The local government shall hold a public hearing on a metropolitan redevelopment plan or substantial modification of an approved plan after public notice by publication in a newspaper having a general circulation in the area of operation of the local government. The notice shall describe the time, date, place and purpose of the hearing, shall generally identify the area covered by the plan and shall outline the general scope of the metropolitan redevelopment project under consideration. Prior to the public hearing on this matter, notice of the public hearing shall be mailed by first class mail to the owners of real property in the metropolitan redevelopment area. The mailing shall be to the owner’s address as shown on the records of the county treasurer. If the notice by first class mail to the owner is returned undelivered, the local government shall attempt to discover the owner’s most recent address and shall remail the notice by certified mail, return receipt requested, to the address.

C. Following the public hearing, the local government may approve a metropolitan redevelopment plan if it finds that:

(1)     the proposed activities will aid in the elimination or prevention of slum or blight or the conditions that lead to the development of slum or blight;

(2)     a feasible method is included in the plan to provide individuals and families who occupy residential dwellings in the metropolitan redevelopment area and who may be displaced by the proposed activities with decent, safe and sanitary dwelling accommodations within their means and without undue hardship to such individuals and families;

(3)     the plan conforms to the general plan for the local government; and

(4)     the plan affords maximum opportunity consistent with the needs of the community for the rehabilitation or redevelopment of the area by private enterprise or persons and the objectives of the plan justify the proposed activities as public purposes and needs.

D. A metropolitan redevelopment plan may be modified at any time; however, if the plan is modified after the lease or sale by the local government of real property in the project area, the modification shall be subject to any rights at law or in equity a lessee or

purchaser or the lessee’s or purchaser’s successors in interest may be entitled to assert. Any proposed modification that will substantially change the plan as previously approved by the local government shall be subject to the requirements of this section, including the requirement of a public hearing, before it may be approved.