Section 15-10-2 - Capitol buildings planning commission; review of lease-purchase agreementsA. Before submitting a proposed lease-purchase agreement to the legislature for ratification and approval pursuant to Section 15-3-35 NMSA 1978, the proposed lessee shall notify the commission. The commission shall review a proposed lease-purchase agreement if: (1) the total lease revenues to be generated during the term of the lease-purchase agreement, including any possible extensions or renewals, exceed five million dollars ($5,000,000); or(2) pursuant to criteria adopted by the commission, the commission selects the lease-purchase agreement for review.B. A review conducted pursuant to this section shall include findings by the commission as to whether:(1) the leasehold property and the term of the lease-purchase agreement are sufficient to meet the identified needs of the state agency that will occupy the leasehold property;(2) the payment of all lease revenues due pursuant to a lease-purchase agreement will be sufficient, at the end of the term of the lease-purchase agreement, to acquire ownership of the leasehold property;(3) the lease-purchase agreement provides that there is no legal obligation for the state or state agency to continue the lease-purchase agreement from year to year or to purchase the leasehold property, and that the lease-purchase agreement shall be terminated if sufficient appropriations are not available to meet the current lease payments; and(4) the lease-purchase agreement is the most cost-effective alternative for acquiring the leasehold property, taking into account currently available alternative lease arrangements, lease-purchase agreements or other financing arrangements permitted by law.C. After a review pursuant to this section, the commission shall submit its findings and recommendations to the legislature.D. As used in this section: (1) "commission" means the capitol buildings planning commission;(2) "facilities" means buildings and the appurtenances and improvements associated therewith, including the real estate upon which a building is constructed; suitable parking for use of the building; utilities, access roads and other infrastructure; and related real estate. "Facilities" can also mean undeveloped or developed real estate that is transferred or leased with the intent that a new building or improvement be constructed thereon;(3) "lease-purchase agreement" means a financing agreement for the leasing of facilities by the state or a state agency from a public or private entity with an option to purchase the leasehold property for a price that is reduced according to the payments made pursuant to the financing agreement;(4) "leasehold property" means facilities that are subject to a lease-purchase agreement;(5) "lease revenues" means the amounts payable pursuant to a lease-purchase agreement; and(6) "state agency" means any department, branch, institution, board, officer, bureau, instrumentality, commission, district or committee of government of the state of New Mexico except: (a) the state armory board;(b) the commissioner of public lands;(c) state institutions under the jurisdiction of the higher education department;(d) the economic development department when the department is acquiring property pursuant to the Statewide Economic Development Finance Act [Chapter 6, Article 25 NMSA 1978];(e) the public school facilities authority when the authority is acquiring property pursuant to the Public School Capital Outlay Act [Chapter 22, Article 24 NMSA 1978]; and(f) a state-chartered charter school.1978 Comp., §15-10-2, as enacted by Laws 2009, ch. 19, § 2.