State Land Commissioner Offers State Trust Lands in Rio Rancho for Residential Development

SANTA FE, NM – As Rio Rancho’s population boom advances, State Land Commissioner Aubrey Dunn is now accepting bids on a 50-acre parcel of State Trust Lands within the Paseo Gateway master-planned community located east of Unser Boulevard and adjacent to Sue Cleveland High School.

“State Trust Lands often lie in the path of development and have new potential for residential, commercial, and industrial development,” Commissioner Dunn said. “In Rio Rancho, City Center lands, Paseo Gateway, and Loma Barbon are ripe for development that will enhance the city’s quality of life and generate revenue for education.”

The proceeds from the sale of State Trust Lands flow into the Land Grant Permanent Fund, a percentage of which is distributed monthly to public schools, universities, hospitals, and other Trust beneficiaries.

Over the last decade, 3,500 acres of State Trust Lands have been leased, sold, or exchanged to the City of Rio Rancho, and are now the site of City Hall, Santa Ana Star Center, Hewlett-Packard, UNM West, CNM Rio Rancho, UNM Sandoval Regional Medical Center, and residential districts.

The tract of land offered for sale is zoned R-4, or single family residential, and is offered as a single tract only.

The minimum bid is $2.510 million and requires a deposit of $273,000. The land is offered for cash only and full payment is due in cash at closing. Bids for less than the entire tract and bids that propose to exchange other land for the State Trust Lands offered will not be considered.

The land is currently held under a planning and development lease under which the lessee – Paseo Gateway, LLC – has installed infrastructure which increases the value of the land exponentially. Pursuant to the existing lease, which will be relinquished at the closing of the sale, the lessee will remain obligated to complete sewer and water infrastructure and roadways to the boundary of the land.

To be considered, completed, sealed bids satisfying the requirements of the bid information packet, together with the application fee and all deposits, must be submitted, and clearly marked “Land Sale No. LS-0117” to the State Land Office, 310 Old Santa Fe Trail, Room 102, Santa Fe, NM, 87501 or P. O. Box 1148, Santa Fe, NM 87504-1148, Attention: Craig Johnson, Director of Commercial Resources Division.

Bids must be received no later than 4:00 p.m. on November 6, 2017. Information regarding the bid process can be obtained from Mr. Johnson or Grady Barrens, Financial Analyst, Commercial Resources, at the above address or by calling (505) 827-5095.

The closing will be scheduled no later than 180 days after the successful bidder is selected by the State Land Office.

Commissioner Dunn reserves the right to reject all bids submitted and to re-offer the land for lease, sale and/or exchange on the same or different terms.