N.M. Admin. Code § 19.2.22.7 - DEFINITIONS
As used in 19.2.22 NMAC, the following terms have the meaning set forth in this section. A planning and development lease may add detail to a definition to accommodate lease specific issues.
A.
"Applicant" means the person
or entity first applying to nominate trust land for a planning and development
lease.
B.
"Approval /
approved" means written approval and includes only that which has been
expressly approved and nothing further which might be implied.
C.
"Assignment" means any direct
or indirect transfer or partial transfer of all of a lessee's interest in all
or a part of a planning and development lease, including, but not limited to,
any conditional transfer or transfer by operation of law, excluding
subleases.
D.
"Base
infrastructure" means tangible improvements consisting of main
distribution or arterial-level service lines, or the municipal or local
equivalent, including at a minimum, all of the following: water, sanitary
sewer, gas, electricity, telecommunications, and roadways or other
transportation facilities.
E.
"Base value" means the value that results from the base appraisal,
as more specifically defined in Paragraph (1) of Subsection A of
19.2.22.17 NMAC below.
F.
"Collateral assignment" or
"leasehold mortgage" means the conditional assignment to a creditor as
security for a debt of a lessee's personal property interest in a planning and
development lease, infrastructure, governmental approvals, or improvement value
credit.
G.
"Commissioner" means the New Mexico commissioner of public lands.
The commissioner is the executive officer of the state land office and may
delegate to state land office staff the performance of duties required of the
commissioner under this rule.
H.
"Disposition" means a take-out sale, a take-out lease, or a
take-out exchange of all or any portion of trust land subject to a planning and
development lease.
I.
"Disposition parcel" means the portion of the trust land under
lease that is subject to disposition.
J.
"Government approvals" means
legal rights granted by governments or agencies that run with the leased land
including but not limited to planning, zoning, water and sewer service
agreements, development agreements, platting, archaeological clearances or
mitigation, and such other rights as may be required for the further
development, improvement or use of the trust land; any property, rights,
approvals, or privileges obtained or developed for the benefit of, or made
appurtenant to, trust land and any other rights, permits or privileges obtained
or developed in connection with a lessee's use of the leased trust land
including, but not limited to, development rights and approvals.
K.
"Governmental entity" means
the state of New Mexico, its agencies or political subdivisions, Indian tribes
and pueblos, or federal government agencies other than the department of
interior.
L.
"Infrastructure" means any improvements approved through a
governmental approval process and necessary to support or enhance future
planned development of all or the relevant parts of the leased premises,
including but not limited to utilities, erosion control structures and flood
control structures, roadways, sanitary sewers, water wells, water reservoirs,
and sanitary sewage treatment facilities.
M.
"Improvements" means any item
of tangible property secured, developed, placed, created or constructed on the
leased premises including but not limited to buildings, structures,
infrastructure, permanent equipment and fixtures, and water rights developed as
appurtenant to the trust land and approved by the commissioner, including any
associated and required land use approvals.
N.
"Improvement value (IV)"
means the increased value of the leased premises attributable to improvements
as established by appraisal, as more specifically defined in Subsection C of
19.2.22.17 NMAC below.
O.
"Improvement value credit
(IVC)" means the lessee percentage multiplied by the improvement
value.
P.
"Joint planning
agreement" means a written agreement or understanding entered between
the commissioner and a local government designed to facilitate planned growth
of trust lands for the greatest benefit to the trust and the local
community.
Q.
"Leased
premises" means that portion of trust land which is subject to a
planning and development lease.
R.
"Lessee" means the party of record at the state land office, who
leases trust land from the commissioner under a planning and development
lease.
S.
"Lessee percentage
(LP)" means the percentage to be determined through negotiation or
bidding, and incorporated into the lease, which sets the lessee's proportional
share of IV.
T.
"Lessor" means the commissioner acting by and through the state
land office.
U.
"Natural
appreciation (NA)" means any increase in the value of the leased
premises not attributable to improvements, as determined by appraisal or by a
pre-negotiated annual adjustment factor, as more specifically defined in
Paragraph (3) of Subsection A of
19.2.22.17 NMAC below.
V.
"Planning and development
lease" means a written lease of trust land issued under this part,
19.2.22 NMAC, designed to improve the value of trust land for future sale,
lease, or exchange. The commissioner, in the commissioner's discretion, shall
determine the development potential of trust land.
W.
"Qualified bidder" means a
prospective bidder that has satisfied both the qualification deposit and all
other bidder qualifications as more specifically described in Subsections A and
B of 19.2.22.11 NMAC.
X.
"Rent" means the total of
estimated rent payments, including all periodic rents with applicable rent
adjustments, percentage rents, initial or periodic fees, or any other incentive
payment due during the lease term, and any other payments identified as rent in
a planning and development lease.
Y.
"Rent adjustment" means a periodic increase of any rent
amount.
Z.
"Schedule of
fees" means a list of fees that must be paid for performance of certain
administrative functions. The schedule of fees shall be published on the state
land office website and is subject to change at the discretion of the
commissioner. Unless otherwise noted in the schedule of fees or in this rule,
the fee shall be non-refundable.
AA.
"State land office" means the New Mexico state land
office.
BB.
"Sublease"
means a transaction or arrangement whereby a planning and development lessee
transfers to another anything less than the full interest in the planning and
development lease, including but not limited to the rights to use, possess,
manage or control all or part of the leased premises.
CC.
"Subsequent value (SV)"
means the value that results from any subsequent appraisal, as more
specifically defined in Paragraph (2) of Subsection A of
19.2.22.17 NMAC below.
DD.
"Take-out exchange" means a
relinquishment or a conditional relinquishment of all or a portion of the
leased premises from the planning and development lease together with, and for
the purpose of, an exchange of the same pursuant to 19.2.21 NMAC.
EE.
"Take-out lease" means a
relinquishment or a conditional relinquishment of all or a portion of the
leased premises from a planning and development lease together with, and for
the purpose of, a business lease of the same pursuant to 19.2.9 NMAC.
FF.
"Take-out sale" means a
relinquishment or a conditional relinquishment of all or a portion of the
leased premises from a planning and development lease together with, and for
the purpose of, a sale of the same pursuant to 19.2.14 NMAC.
GG.
"Termination" means the end
of a planning and development lease whether by cancellation, relinquishment or
the expiration of the lease term.
HH.
"Trust" means the land trust
established by the Enabling Act (Act of June 20, 1910, 36 Statutes at Large
557, Chapter 310), and that trust's assets, which are administered through the
state land office by the commissioner.
II.
"Trust land" means all land
owned by the trust.
JJ.
"Unapproved infrastructure and government approvals" means
infrastructure and governmental approvals that have not received the
commissioner's approval.
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