SENATE JOINT RESOLUTION 10
55th legislature - STATE OF NEW MEXICO - second session, 2022
INTRODUCED BY
Mimi Stewart
A JOINT RESOLUTION
PROPOSING TO EXTEND THE LEASE FOR THE DOWNS AT ALBUQUERQUE, INCORPORATED.
WHEREAS, Section 13-6-3 NMSA 1978 requires ratification
and approval by the legislature of a lease for a period
exceeding twenty-five years in duration of real property
belonging to a state agency, which lease shall be for a
consideration of one hundred thousand dollars ($100,000) or
more; and
WHEREAS, the Downs at Albuquerque, incorporated, has,
since January 11, 1985, leased from the New Mexico state fair
the racetrack, grandstand and casino area of the state
fairgrounds, which is operated by the lessee as the Downs at
Albuquerque, incorporated, at 300 San Pedro drive NE, Albuquerque, New Mexico; and
WHEREAS, the consideration paid for the lease by the
Downs at Albuquerque, incorporated, since January 11, 1985,
has been one hundred thousand dollars ($100,000) or more; and
WHEREAS, the current lease between the parties commenced on January 12, 2012, for a term of three hundred months, or twenty-five years; and
WHEREAS, as a result of the public health orders issued by the department of health in response to the coronavirus disease 2019 pandemic, the Downs at Albuquerque, incorporated, was required to cease all operations effective March 16, 2020; and
WHEREAS, on April 1, 2020, the Downs at Albuquerque, incorporated, served formal notice of a force majeure event pursuant to the terms of the lease; and
WHEREAS, the parties desire to enter into an agreement and release of claims to address issues arising under the lease due to the cessation of the operations of the Downs at Albuquerque, incorporated, during the coronavirus disease 2019 pandemic; and
WHEREAS, as a term of the agreement and release of claims, the parties agree that fifty percent of the April 2020 rent, including rent paid under Sections 2.2, 4.3, 4.3.3, 6.1 and 6.2 of the lease, will be abated and the remaining fifty percent of the rent will be deferred; rent will be deferred for the additional months that the Downs at Albuquerque, incorporated, remained closed; rent will also be deferred for six months after the Downs at Albuquerque, incorporated, was allowed to reopen; and all deferred rent will be paid by the Downs at Albuquerque, incorporated, in equal monthly installments over the extended term of the lease; and
WHEREAS, as a term of the agreement and release of claims, the parties agree to release and discharge each other from any and all outstanding liabilities, obligations, claims, rights, demands, damages, suits or causes of action relating to matters addressed within the agreement and release of claims; provided that the matters are resolved as provided for in the agreement and release of claims; and
WHEREAS, as a term of the agreement and release of claims, the parties desire to extend the current lease for an additional one hundred twenty months to February 28, 2047;
NOW, THEREFORE, BE IT RESOLVED BY THE LEGISLATURE OF THE
STATE OF NEW MEXICO that an extension of the lease between the New Mexico state fair and the Downs at Albuquerque, incorporated, for the racetrack, grandstand and casino area of the state fairgrounds, which is operated by the lessee as the Downs at Albuquerque, incorporated, until February 28, 2047 be hereby ratified and approved; and
BE IT FURTHER RESOLVED that a copy of this resolution be
transmitted to the state fair commission.
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