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Approving, Subject to Review and Approval by the New Mexico Board of Finance, the Sale of 72.6± Acres of Surplus Property Located South of Rio Bravo Boulevard and West of Second Street
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The Albuquerque Bernalillo County Water Utility Authority, (Water Authority) owned 97.98± acres of undeveloped land at the southwest corner of 2nd Street and Rio Bravo Boulevard adjacent to the Southside Water Reclamation Plant (SWRP). The parcel was not a suitable or economically feasible site for the expansion of the SWRP or other Water Authority infrastructure. Given the need for additional resources in the Water Authority’s capital improvement program and no longer having a need for the site, an initial 25 acres of the property was previously sold to YES Housing pursuant to R-23-41 which was approved by the Board on October 18, 2023. Pursuant to that approval, YES Housing also acquired an exclusive option to purchase the remaining approximately 72.6 acres, and YES is now prepared to exercise that option.
The Water Authority Board previously declared the property surplus at its meeting on May 18, 2022, through its adoption of R-17-22. R-17-22 declared the property surplus and directed that it be disposed of by a process which would maximize the return for the Water Authority for use in its capital improvement program, subject to a limitation that the purchaser of the property commits to include a component of affordable housing on it.
In compliance with the Board’s prior approvals, the Executive Director negotiated an Option Property Purchase Agreement that lays out the sale of the remaining 72.6 acres to YES Housing for the appraised, market value of $5,230,000.
Approval by the New Mexico State Board of Finance (NMBOF) is required for the sale of public property, and this resolution is a technical requirement of the NMBOF even though the board previously approved the sale of this property. The NMBOF is scheduled to review this sale on September 17, 2024.
FISCAL IMPACT:
The property will be sold for appraised value by negotiated sale. The current appraised value for the 72.6± acres is $5,230,000.