A. The authority shall receive and review applications for opportunity enterprise leases. If the authority determines that an opportunity enterprise partner is eligible for an opportunity enterprise lease, the authority may enter into a contract to lease an available property to that opportunity enterprise partner in exchange for rent payments, subject to the terms provided by this section. The authority may enter into agreements with the general services department or other state agency or entity approved by the board to administer an opportunity enterprise lease.

Terms Used In New Mexico Statutes 6-34-10

  • Contract: A legal written agreement that becomes binding when signed.
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • 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

B. An opportunity enterprise lease shall:

(1)     require that the property be used solely to create and expand economic development opportunities;

(2)     provide, based on the fair market value of the property, for: (a) sufficient rent; and

(b) other securities to ensure the maintenance and protection of the property;

and (3)     require that the property be properly insured for the duration of the lease;

(4)     be bound only by the terms of the lease and any rules promulgated pursuant to the provisions of the Opportunity Enterprise Act.

C. Receipts from the payment of rent owed pursuant to an opportunity enterprise lease shall be deposited in the fund.

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