45th legislature - STATE OF NEW MEXICO - first session, 2001

RELATING TO STATE PROPERTY; MAKING AN APPROPRIATION TO THE PROPERTY CONTROL DIVISION OF THE GENERAL SERVICES DEPARTMENT TO DESIGN AND CONSTRUCT A SPORTS STADIUM IN VALENCIA COUNTY; PROVIDING FOR THE LEASE AND OPERATION OF THE SPORTS STADIUM BY A PROFESSIONAL SPORTS TEAM.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

Section 1. APPROPRIATION--VALENCIA COUNTY SPORTS STADIUM--OPERATION.--

A. Thirty-five million dollars ($35,000,000) is appropriated from the general fund to the property control division of the general services department for expenditure in fiscal years 2001 through 2003 to carry out the purposes of this section. Any unexpended or unencumbered balance remaining at the end of fiscal year 2003 shall revert to the general fund.

B. The property control division of the general services department shall enter into a long-term lease with a professional sports team that will utilize a sports stadium in Valencia county. The lease shall contain such terms and conditions as the director of the property control division deems are in the best interests of the state and that will be economically advantageous to Valencia county and the surrounding area. The lease shall provide that the sports stadium shall be used to the maximum extent possible when not inconsistent with the use by the professional sports team.

C. After a long-term lease with a professional sports team has been entered into pursuant to Subsection B of this section, the property control division of the general services department shall negotiate for and purchase land in Valencia county to be used as a sports stadium; provided that no more than five million dollars ($5,000,000) shall be used to acquire the land. The division shall design, construct and equip a sports stadium on the acquired land.

D. Lease revenues received by the property control division of the general services department shall be deposited in the general fund.