A. A local government may sell, lease or otherwise transfer real property or any interest in real property acquired by it in a metropolitan redevelopment area and may enter into contracts with respect to the real property for residential, commercial, industrial or other uses or for public use or may retain such property or interest for public use in accordance with the metropolitan redevelopment plan, subject to any covenants, conditions and restrictions, including covenants running with the land and including the incorporation by reference in the covenants of the provisions of a metropolitan redevelopment plan or any part thereof, as it may deem to be in the public interest or necessary to carry out the purposes of the metropolitan redevelopment plan. The purchasers or lessees and their successors and assigns shall be obligated to devote the real property only to the uses specified in the metropolitan redevelopment plan for a period of years as set out in the sale or lease agreement and may be obligated to comply with other requirements that the local government may determine to be in the public interest, including the obligation to begin within a reasonable time any improvements on real property required by the metropolitan redevelopment plan. The real property or interest shall be sold, leased, otherwise transferred or retained at not less than its fair value for uses in accordance with the Redevelopment Law N.M. Stat. Ann. § 3-60A-5 to 3-60A-18 as determined by the local government or by the metropolitan redevelopment agency, if so authorized. In determining the fair value of real property for uses in accordance with the metropolitan redevelopment plan, a local government shall take into account and give consideration to the uses provided in the plan, the restrictions upon and the covenants, conditions and obligations assumed by the purchaser or lessee or by the local government retaining the property and the objectives of the plan for the prevention of and recurrence of slum or blighted areas. The local government in any instrument of conveyance to a private purchaser or lessee may provide that the purchaser or lessee shall be without power to sell, lease or otherwise transfer the real property without the prior written consent of the local government until the purchaser or lessee has completed the construction of any and all improvements that the purchaser or lessee is obligated to construct on the real property. Real property acquired by a local government that, in accordance with the provisions of the metropolitan redevelopment plan, is to be transferred shall be transferred consistent with the carrying out of the provisions of the plan. The inclusion in any contract or conveyance to a purchaser or lessee of covenants, restrictions or conditions, including the incorporation by reference in the covenants of the provisions of a metropolitan redevelopment plan or any part thereof, shall not prevent the filing of the contract or conveyance in the land records of the county in a manner as to afford actual or constructive notice thereof.

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B. A local government may dispose of real property in a metropolitan redevelopment area to private persons only in accordance with the procedures set out in this subsection. The local government shall, prior to entering into any agreement to convey title or an interest in real property, publish a public notice once each week for at least two consecutive weeks of the date, time and place it will receive proposals for the purchase, lease or rental, for development or redevelopment purposes, of the real property or interest in the real property it intends to dispose of. The public notice shall contain sufficient information to describe the location of the real property, the type of development sought or land use requirement and the selection criteria the local government will follow during review of proposals and shall state that details may be obtained at the office designated in the notice. The local government shall consider all proposals submitted in accordance with the public notice and shall only accept proposals it deems in the public interest and meeting the objectives of the metropolitan redevelopment plan after considering the type of development, redevelopment or use proposed and the financial ability of the persons making the proposals to carry them out.

C. If, after following the procedures set out in Subsection B of this section, a local government receives no proposals or determines the ones received are not in accordance with the call for proposals or do not meet the objectives of the Metropolitan Redevelopment Code [N.M. Stat. Ann. Chapter 3, Article 60A], the local government may reject any proposals received and then dispose of the real property through reasonable negotiating procedures; provided, however, that negotiated sales, leases or transfers shall be reported to the local government and approved before the sale, lease or transfer may take effect.

D. A local government may operate and maintain real property acquired in a metropolitan redevelopment area pending the disposition of the property for development or redevelopment without regard to the provisions of Subsection A of this section for any uses and purposes deemed desirable even though not in conformity with the Redevelopment Law.