This resolution requires ratification and approval by the legislature, as it pertains to a lease exceeding twenty-five years for real property owned by a state agency. The proposed extension is significant for local operations and the continuity of business in the area, especially following disruptions caused by the COVID-19 pandemic. Due to the health orders surrounding the pandemic, the Downs at Albuquerque was forced to cease operations starting March 16, 2020, prompting discussions on how to address lease conditions in light of loss of revenue during this period.
Summary
SJR10 is a Joint Resolution that proposes to extend the lease for the Downs at Albuquerque, Incorporated. This resolution addresses the lease agreement established between the Downs at Albuquerque and the New Mexico State Fair, which oversees the operation of the racetrack, grandstand, and casino area located at the state fairgrounds. Originally commencing on January 12, 2012, the current agreement is set to expire after twenty-five years, but SJR10 seeks to extend this lease for an additional ten years until February 28, 2047.
Contention
Notable points of contention arise from the circumstances surrounding the COVID-19 pandemic, which required the parties involved to create an agreement addressing deferred payments for rent. As part of this resolution, it was agreed that half of the rent for April 2020 would be abated while the remaining portion would be deferred alongside further payments delayed based on continued closures. This situation underscores the pressure on businesses and the necessity for flexibility in lease agreements during unprecedented public health challenges.