ALBUQUERQUE BERNALILLO COUNTY
WATER UTILITY AUTHORITY
BILL NO. R-23-41 |
RESOLUTION
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Approving, subject to review and approval by the New Mexico Board of Finance, the sale of 25.38± acres of the surplus property located at the southwest corner of 2nd Street and Rio Bravo Boulevard at current appraised value along with an option to purchase the remaining 72.6± acres at a later determined purchase price consisting of the appraised value applicable at the time the option is exercised
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WHEREAS, the Albuquerque Bernalillo County Water Utility Authority (Water Authority) owns 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); and
WHEREAS, the current use of the parcel as leased agricultural land is no longer consistent with the more suburban neighborhood uses in the area; and
WHEREAS, the parcel is not a suitable or economically feasible site for the expansion of the SWRP or other Water Authority infrastructure; and
WHEREAS, on May 16, 2022, the Water Authority Governing Board declared the property at 2nd Street and Rio Bravo Boulevard surplus and directed that it be disposed of by a public process which maximizes the return for the Water Authority for use in its capital improvement program: and
WHEREAS, in compliance with the Board’s Resolution, the Executive Director negotiated a sales agreement which proposed to convey the entire property to YES Housing, a non-profit developer, (“Purchaser”) to use the site for development to include affordable housing; and
WHEREAS, the sales agreement allowed that before closing the purchase, the Purchaser could perform a feasibility analysis which revealed that it would not be presently feasible to carry out Purchaser’s intended use of the westernmost 72.6± acres generally lying west of the Barr Canal, due to the phasing schedule for roadway improvements to Rio Bravo Blvd being undertaken by the NMDOT; and
WHEREAS, the Purchaser wishes to rescind the Original Purchase Agreement in favor of a First Amended Agreement wherein the Purchaser will immediately purchase at current appraised value the approximately 25.38± acres lying east of the Barr Canal with frontage along Second Street, together with an exclusive 48-month option to purchase the remaining 72.6± acres at the later determined appraised value applicable at the time the purchase option is exercised; and
WHEREAS, the Purchaser has incurred significant expense in master planning the full site for future development; and
WHEREAS, the proposed sale is subject to meeting the standards of the New Mexico State Board of Finance and Board of Finance review and approval is required to approve the sale of public property; now
BE IT RESOLVED BY THE WATER AUTHORITY:
Section 1. That the Executive Director is authorized to negotiate a First Amended Agreement wherein YES Housing, a non-profit developer, (“Purchaser”) purchases at appraised value approximately 25.38± acres at $2.7 million of the 2nd Street and Rio Bravo Boulevard site lying east of the Barr Canal with frontage along Second Street for development to include affordable housing; and
Section 2. That the Executive Director is also authorized to extend in the same sales agreement an exclusive 48-month option at $100,000 to purchase the remaining 72.6± acres of the site subject to the requirement that the Purchaser shall pay the later appraised value applicable to that portion of the property at the time any such option to purchase is exercised; and
Section 3. That the Executive Director is authorized to revise any negotiated agreement for the sale of the property or option to sell the property to satisfy the standards of the New Mexico State Board of Finance.