N.M. Admin. Code § 19.2.22.7

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

Section 19.2.22.7 - DEFINITIONS

As used in 19.2.22 NMAC, the following terms have the meaning set forth in this section. A planning and development lease may add detail to a definition to accommodate lease specific issues.

A."Applicant" means the person or entity first applying to nominate trust land for a planning and development lease.

B."Approval / approved" means written approval and includes only that which has been expressly approved and nothing further which might be implied.

C."Assignment" means any direct or indirect transfer or partial transfer of all of a lessee's interest in all or a part of a planning and development lease, including, but not limited to, any conditional transfer or transfer by operation of law, excluding subleases.

D."Base infrastructure" means tangible improvements consisting of main distribution or arterial-level service lines, or the municipal or local equivalent, including at a minimum, all of the following: water, sanitary sewer, gas, electricity, telecommunications, and roadways or other transportation facilities.

E."Base value" means the value that results from the base appraisal, as more specifically defined in Paragraph (1) of Subsection A of 19.2.22.17 NMAC below.

F."Collateral assignment" or "leasehold mortgage" means the conditional assignment to a creditor as security for a debt of a lessee's personal property interest in a planning and development lease, infrastructure, governmental approvals, or improvement value credit.

G."Commissioner" means the New Mexico commissioner of public lands. The commissioner is the executive officer of the state land office and may delegate to state land office staff the performance of duties required of the commissioner under this rule.

H."Disposition" means a take-out sale, a take-out lease, or a take-out exchange of all or any portion of trust land subject to a planning and development lease.

I."Disposition parcel" means the portion of the trust land under lease that is subject to disposition.

J."Government approvals" means legal rights granted by governments or agencies that run with the leased land including but not limited to planning, zoning, water and sewer service agreements, development agreements, platting, archaeological clearances or mitigation, and such other rights as may be required for the further development, improvement or use of the trust land; any property, rights, approvals, or privileges obtained or developed for the benefit of, or made appurtenant to, trust land and any other rights, permits or privileges obtained or developed in connection with a lessee's use of the leased trust land including, but not limited to, development rights and approvals.

K."Governmental entity" means the state of New Mexico, its agencies or political subdivisions, Indian tribes and pueblos, or federal government agencies other than the department of interior.

L."Infrastructure" means any improvements approved through a governmental approval process and necessary to support or enhance future planned development of all or the relevant parts of the leased premises, including but not limited to utilities, erosion control structures and flood control structures, roadways, sanitary sewers, water wells, water reservoirs, and sanitary sewage treatment facilities.

M."Improvements" means any item of tangible property secured, developed, placed, created or constructed on the leased premises including but not limited to buildings, structures, infrastructure, permanent equipment and fixtures, and water rights developed as appurtenant to the trust land and approved by the commissioner, including any associated and required land use approvals.

N."Improvement value (IV)" means the increased value of the leased premises attributable to improvements as established by appraisal, as more specifically defined in Subsection C of 19.2.22.17 NMAC below.

O."Improvement value credit (IVC)" means the lessee percentage multiplied by the improvement value.

P."Joint planning agreement" means a written agreement or understanding entered between the commissioner and a local government designed to facilitate planned growth of trust lands for the greatest benefit to the trust and the local community.

Q."Leased premises" means that portion of trust land which is subject to a planning and development lease.

R."Lessee" means the party of record at the state land office, who leases trust land from the commissioner under a planning and development lease.

S."Lessee percentage (LP)" means the percentage to be determined through negotiation or bidding, and incorporated into the lease, which sets the lessee's proportional share of IV.

T."Lessor" means the commissioner acting by and through the state land office.

U."Natural appreciation (NA)" means any increase in the value of the leased premises not attributable to improvements, as determined by appraisal or by a pre-negotiated annual adjustment factor, as more specifically defined in Paragraph (3) of Subsection A of 19.2.22.17 NMAC below.

V."Planning and development lease" means a written lease of trust land issued under this part, 19.2.22 NMAC, designed to improve the value of trust land for future sale, lease, or exchange. The commissioner, in the commissioner's discretion, shall determine the development potential of trust land.

W."Qualified bidder" means a prospective bidder that has satisfied both the qualification deposit and all other bidder qualifications as more specifically described in Subsections A and B of 19.2.22.11 NMAC.

X."Rent" means the total of estimated rent payments, including all periodic rents with applicable rent adjustments, percentage rents, initial or periodic fees, or any other incentive payment due during the lease term, and any other payments identified as rent in a planning and development lease.

Y."Rent adjustment" means a periodic increase of any rent amount.

Z."Schedule of fees" means a list of fees that must be paid for performance of certain administrative functions. The schedule of fees shall be published on the state land office website and is subject to change at the discretion of the commissioner. Unless otherwise noted in the schedule of fees or in this rule, the fee shall be non-refundable.

AA."State land office" means the New Mexico state land office.

BB."Sublease" means a transaction or arrangement whereby a planning and development lessee transfers to another anything less than the full interest in the planning and development lease, including but not limited to the rights to use, possess, manage or control all or part of the leased premises.

CC."Subsequent value (SV)" means the value that results from any subsequent appraisal, as more specifically defined in Paragraph (2) of Subsection A of 19.2.22.17 NMAC below.

DD."Take-out exchange" means a relinquishment or a conditional relinquishment of all or a portion of the leased premises from the planning and development lease together with, and for the purpose of, an exchange of the same pursuant to 19.2.21 NMAC.

EE."Take-out lease" means a relinquishment or a conditional relinquishment of all or a portion of the leased premises from a planning and development lease together with, and for the purpose of, a business lease of the same pursuant to 19.2.9 NMAC.

FF."Take-out sale" means a relinquishment or a conditional relinquishment of all or a portion of the leased premises from a planning and development lease together with, and for the purpose of, a sale of the same pursuant to 19.2.14 NMAC.

GG. "Termination" means the end of a planning and development lease whether by cancellation, relinquishment or the expiration of the lease term.

HH."Trust" means the land trust established by the Enabling Act (Act of June 20, 1910, 36 Statutes at Large 557, Chapter 310), and that trust's assets, which are administered through the state land office by the commissioner.

II."Trust land" means all land owned by the trust.

JJ."Unapproved infrastructure and government approvals" means infrastructure and governmental approvals that have not received the commissioner's approval.

N.M. Admin. Code § 19.2.22.7

19.2.22.7 NMAC - Rp, 19.2.22.7 NMAC, 11/30/12, Amended by New Mexico Register, Volume XXVII, Issue 12, June 30, 2016, eff. 6/30/2016, Amended by New Mexico Register, Volume XXX, Issue 11, June 11, 2019, eff. 6/11/2019