Bill > SJR10

This Joint Resolution proposes to ratify and approve an extension of the lease for the racetrack, grandstand, and casino area of the New Mexico state fairgrounds, operated by The Downs at Albuquerque, Incorporated. This extension is necessary because a lease of state property for over twenty-five years requires legislative approval, and the current lease, which began in 2012 for twenty-five years, is being modified. The resolution addresses issues arising from the forced closure of operations due to the COVID-19 pandemic, including abating and deferring rent payments, with all deferred rent to be paid over the extended lease term. As part of this agreement, both parties will release each other from claims related to these matters. The lease extension will now run until February 28, 2047, adding an additional one hundred twenty months to the original term.