AN ACT

RELATING TO ECONOMIC DEVELOPMENT; RESTRICTING THE USE OF

EMINENT DOMAIN WHEN USED TO PROMOTE ECONOMIC DEVELOPMENT.

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

Section 1. A new section of the Eminent Domain Code is

enacted to read:

"LIMITATION ON THE USE OF EMINENT DOMAIN FOR PURPOSES OF

ECONOMIC DEVELOPMENT.--The state or a local public body shall

not condemn private property if the taking is to promote

private or commercial development and title to the property is

transferred to another private entity within five years

following condemnation of the property." HB 746

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