Fiscal impact reports (FIRs) are prepared by the Legislative Finance Committee (LFC) for standing finance committees of the NM Legislature. The LFC does not assume responsibility for the accuracy of these reports if they are used for other purposes.

 

Current FIRs (in HTML & Adobe PDF formats) are available on the NM Legislative Website (legis.state.nm.us).  Adobe PDF versions include all attachments, whereas HTML versions may not.  Previously issued FIRs and attachments may also be obtained from the LFC in Suite 101 of the State Capitol Building North.

 

 

F I S C A L    I M P A C T    R E P O R T

 

 

 

SPONSOR

Varela

DATE TYPED

02/07/04

HB

HJR 12

 

SHORT TITLE

Sale of State-Owned Labor Department Property

SB

 

 

 

ANALYST

Collard

 

APPROPRIATION

 

Appropriation Contained

Estimated Additional Impact

Recurring

or Non-Rec

Fund

Affected

FY04

FY05

FY04

FY05

 

 

 

See Narrative

 

 

(Parenthesis ( ) Indicate Expenditure Decreases)

 

 

Companion to HB 545

 

SOURCES OF INFORMATION

 

LFC Files

 

Responses Received From

New Mexico Labor Department (NMDOL)

 

 

SUMMARY

 

Synopsis of Bill

 

House Joint Resolution 12 calls for the sale of the state-owned NMDOL property at 301 West De Vargas in Santa Fe.

 

 

FISCAL IMPLICATIONS

 

The joint memorial requests the property be sold at a value not less than the appraised market value as determined by the Taxation and Revenue Department.

 

NMDOL indicates the United States Department of Labor’s (USDOL) approval of the sale is required.  If equity is involved, NMDOL is required to follow USDOL disposition of equity before final sale is completed, pursuant to federal requirements.

 

NMDOL notes the full fiscal impact to the Department of Labor is not determinable until a sale has been made and a proposed new building site identified.  Reed Act and Penalty and Interest funding sources were used to acquire the property at 301 West De Vargas.  Therefore, Federal government approval will be required prior to any sale.  USDOL records indicate there is a $0 un-amortized balance. 

 

The current fair market value of this property is not been made available to NMDOL from the Taxation and Revenue Department as of the date of this analysis.

 

COMPANIONSHIP

 

House Joint Resolution 12 is companion to House Bill 545.  The passage of HB 545 is contingent on the passage of HJR 12.

 

KBC/dm