The Board of Regents' Finance and Facilities Committee voted to approve the sale of 3.2 acres on UNM's south campus to TVI at its Monday meeting.
The land, which is south of Coal Avenue between University Boulevard and Buena Vista Drive, will be sold to the Technical Vocational Institute for its appraised value of $545,000.
The area has been leased by TVI for the past 10 years as a parking lot for $1 a year, allowing UNM to earn substantially more profit from its sale rather than leasing it. The lot sits just west of UNM's family housing area.
Officials at the meeting said that they took the land's proximity to the family housing area into consideration when deliberating on presenting the sale to the regents.
A memo from Kim Murphy, UNM director of real estate, stated "TVI would like to secure long-term usage of this tract for campus expansion."
Regarding future value of the lot to UNM, Murphy said in the memo that "after considerable thought and discussion with others, I am of the opinion that the subject tract would have limited potential for expansion of Family Student Housing or any other institutional purpose."
Get content from The Daily Lobo delivered to your inbox
A second sale approved by the Regents was a house in Clovis, N.M., that was dedicated to Carrie Tingley Hospital and the N.M. Boys and Girls Ranch in the late 1990s.
Mary Kenney, a Health Sciences Center Facility Planning representative, stated in a memo that the house has been occupied off and on for the past several years and has fallen into disrepair.
Representatives from the N.M. Boys and Girls Ranch and Carrie Tingley Hospital agreed that it is in their best interest to sell the property to its current resident for an estimated $7,000 and divide equally any remaining proceeds.
During the Major Capital Improvement Project Status Report, which was an informational item on the agenda, Roger Lujan, director of Facility and Planning, said that the contractor for the SUB project, Silver Construction, has voluntarily sought administrative and other University guidance on finishing the incomplete building by its projected completion date in May.
Lujan said that Silver Construction has agreed to take this action to help expedite the process, which is 84.7 percent complete.
"One of the shortcomings about this construction project is the lack of expertise in setting timely goals for the project," Lujan said. "This added help will ensure that the milestones that have been set will be realized by the completion date."
