The division may do all acts necessary and proper for the redesigning, major renovation and remodeling of present state buildings and the erection of additional state buildings when needed. The division may let contracts for these purposes in accordance with the provisions of the Procurement Code N.M. Stat. Ann. § 13-1-28 to 13-1-199. A contract for such redesigning, major renovation, remodeling or construction that costs more than five million dollars ($5,000,000), not including gross receipts tax, must first be approved by the state board of finance. This section applies only to state buildings under the division’s jurisdiction.