A. A lease may grant the user of a project an option to purchase all or a part of the project at a stipulated purchase price or at a price to be determined upon appraisal as is provided in the lease.
B. The option may be exercised at a time as the lease may provide.
C. The local government and the user may agree and provide in the lease that all or a part of the rentals paid by the user prior to and at the time of the exercise of the option shall be applied toward the purchase price and shall be in full or partial satisfaction of the purchase price.
History: Laws 1979, ch. 391, § 41; 2018, ch. 60, § 38.
The 2018 amendment, effective May 16, 2018, extended the powers and duties as identified in the Metropolitan Redevelopment Code from only municipalities to now include counties, and made technical changes throughout the section; in Subsection C, after "The", deleted "municipality" and added "local government".
Structure New Mexico Statutes
Article 60A - Metropolitan Redevelopment
Section 3-60A-1 - Short title.
Section 3-60A-2 - Findings and declarations of necessity.
Section 3-60A-3 - Legislative intent.
Section 3-60A-4 - Definitions.
Section 3-60A-5 - Redevelopment Law; short title.
Section 3-60A-6 - Use of private enterprise and public powers.
Section 3-60A-7 - Finding of necessity by local government.
Section 3-60A-8 - Designation of a metropolitan redevelopment area.
Section 3-60A-9 - Preparation of a metropolitan redevelopment plan.
Section 3-60A-10 - Powers of local government.
Section 3-60A-12 - Disposal of property.
Section 3-60A-13 - Property exempt from taxes and from levy and sale by virtue of an execution.
Section 3-60A-13.1 - Payments in lieu of property taxes and assessments.
Section 3-60A-14 - Cooperation by public bodies.
Section 3-60A-15 - Exercise of powers in carrying out projects.
Section 3-60A-16 - Metropolitan redevelopment agency.
Section 3-60A-17 - Conflict of interest; misconduct.
Section 3-60A-18 - Other powers.
Section 3-60A-19 - Tax Increment Law; short title.
Section 3-60A-20 - Alternative method of financing.
Section 3-60A-21 - Tax increment procedures.
Section 3-60A-22 - Metropolitan redevelopment fund; creation; disbursement.
Section 3-60A-23 - Tax increment financing method approval.
Section 3-60A-23.1 - Tax increment bonds.
Section 3-60A-24 - Tax increment method; base value for distribution.
Section 3-60A-26 - Redevelopment Bonding Law; short title.
Section 3-60A-27 - Definitions.
Section 3-60A-28 - General powers.
Section 3-60A-29 - Revenue bonds; issuance.
Section 3-60A-30 - Bonds as legal investments.
Section 3-60A-31 - Revenue bonds; issuance; status.
Section 3-60A-32 - Revenue bonds; form and terms.
Section 3-60A-33 - Revenue bonds; bond security.
Section 3-60A-34 - Revenue bonds; terms of proceedings and instruments.
Section 3-60A-35 - Revenue bonds; investments and bank deposits.
Section 3-60A-36 - Revenue bonds; acquisition of project.
Section 3-60A-37 - Revenue bonds; limited obligation.
Section 3-60A-38 - Revenue bonds; rights upon default.
Section 3-60A-39 - Revenue bonds; determination of revenue.
Section 3-60A-40 - Revenue bonds; financing of project.
Section 3-60A-41 - Option to purchase.
Section 3-60A-42 - Revenue bonds; refunding.
Section 3-60A-43 - Revenue bonds; application of proceeds.
Section 3-60A-44 - No payment by local government.
Section 3-60A-45 - No local government operation.
Section 3-60A-46 - Limitation of actions.