N.M. Admin. Code § 17.8.3.11

Current through Register Vol. 35, No. 23, December 10, 2024

Section 17.8.3.11 - OTHER AGREEMENTS; DISPOSITION OF PROPERTY

A. In addition to the agreement, the authority and the applicant may enter into any other contracts or agreements they deem necessary setting forth the roles and obligations of the parties in the condemnation proceeding, the disposition and use of the property once acquired by the authority, and any other matter. The authority may dispose of any or all of the property in accordance with New Mexico law if it determines that doing so fulfills a public purpose. The use of the property for the same purpose for which the property was condemned is deemed to fulfill a public purpose.

B. If the property cannot be used for the purpose for which it was condemned, and if practicable and permissible under existing laws, the authority shall offer the property owner an opportunity to purchase the property from the authority at fair market value.

17.8.3.11 NMAC - N, 12/15/2011