Appendix – RPM 12.00-A – Legally Required Approvals and Notifications for Certain Real Estate and Capital Improvement Transactions

Policy Details

Responsible Administrator: University General Counsel
Scope: NMSU System
Last Updated: 10/21/2018

Legally Required Approvals and Notifications for Certain Real Estate and Capital Improvement Transactions by State Universities in NM Table
Legally Required Approvals and Notifications for Certain Real Estate and Capital Improvement Transactions by State Universities in NM
Transaction Type	Higher Ed Department (HED)	State Board of Finance (SBOF)
Purchases of Real Property	HED Approval req’d NMAC 5.3.10.8	SBOF Approval req’d NMSA 21-1-21; NMAC 2.70.4.8
Projects adding square footage (including portables or long term lease)	HED Approval NMAC 5.3.10.8	SBOF Approval req’d only if “construction of new building” NMSA 21-1-21; NMAC 2.70.4.8
Project involving Issuance of Bonds	HED Approval NMAC 5.3.10.8	SBOF Approval req’d if bond issuance req’d SBOF approval NMAC 2.70.4.8
*Major Projects: remodeling, alterations, repairs, site improvements or non-building structure.	See below	See below; NMSA 21-1-21
With cost over $300K	NMAC 5.3.10.8	SBOF Approval req’d if funded exclusively by sources other than legislation NMAC 2.70.4.8
With cost over $500K	HED Capital Outlay Committee Approval NMAC 5.3.10.8	See above
With cost over $750K	See above	SBOF if project is funded by capital outlay legislation NMAC 2.70.4.8
Demolition of existing building	HED Staff Approval NMAC 5.3.10.8	Not req’d (unless part of a larger project requiring approval) NMAC 2.70.4.8
Sale or trade of real property w/ appraised value > $100K	Only Notification to HED Staff NMAC 5.3.10.13	Not req’d.

*The dollar cost amounts listed are for institutions with an annual FTE > 1500. This applies to the entire NMSU system.