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State Land Commissioner Seeks to Advance Economic Development in Three Counties

Public Schools and University of New Mexico will Benefit from Lease Payments

SANTA FE, NM – In an effort to spur economic development in three counties, State Land Commissioner Aubrey Dunn is offering three parcels of State Trust Land for long-term commercial business leasing.

In Santa Fe County, Commissioner Dunn is seeking the highest and best bid for 2.72 acres of State Trust Land located at 311 Old Santa Fe Trail – the heart of historic downtown Santa Fe.

Currently the site of Garrett’s Desert Inn, the commissioner has been meeting with stakeholders interested in developing the property since November. The property was acquired by way of a land exchange with Cochiti Pueblo. Commissioner Dunn returned 9,000 acres of ancestral lands, formerly the Dixon Apple Orchard, to the pueblo, and in exchange Cochiti purchased the 60-year-old inn from the Catron Family Trust and transferred ownership to the State Land Office.

Per the provisions of the lease, the minimum base rent is set a $20,834 a month which will escalate by two percent annually. The term of the lease is 20 years, with two optional 20-year renewal periods.

The University of New Mexico is the beneficiary of revenues earned from the lease.

In Lea County, Commissioner Dunn is offering 22.59 acres of surface estate located 26 miles west of Jal.

Ideally suited for oil and gas production activity, the commissioner is asking $25,000 a year in base rent with a three percent annual escalator.

Rentals earned on this property will flow to public schools.

In Torrance County, Commissioner Dunn is seeking competitive bids for 1,647.25 acres of State Trust Land located nine miles northeast of Corona. Renewable energy development is the highest and best use for the property.

The commissioner is asking an operational base rent of $107,222 per year, plus 4.5 percent of gross revenues to the extent the percentage of revenues exceeds the operational base rent. The term of the lease is 50 years.

Public Schools are the beneficiary of revenues earned from the lease.

To obtain a copy of a bid packet for any of these parcels of State Trust Land, interested parties should contact New Mexico State Land Office Economic Development Representative, James White, (505) 827-3810 or jwhite@slo.state.nm.us. Bid packets can also be picked up in person at 310 Old Santa Fe Trail in Santa Fe. More details are available at www.nmstatelands.org.

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