COMPETITIVE BID DURING AGRICULTURAL LEASE RENEWAL
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Address:
310 Old Santa Fe Trail,
Santa Fe NM 87501
Phone:
505-827-5760
COMPETITIVE BID DURING AGRICULTURAL LEASE RENEWAL
- Agricultural leases have a maximum term of 5 years. At the end of the lease term, during the renewal cycle the lease can be competitively bid upon.
- Competitive bidding is an opportunity for NMSLO to generate higher revenue through interested parties’ efforts to obtain the lease.
- If the lease renewal is completed and turned in before August 1 of the renewing year, the lessee has a chance to match a competitive bid that is placed upon a lease.
- If the lease renewal is not completed before the August 1st deadline, the lease will go into a sealed bid process where the lease can be awarded to the highest bidder at the discretion of the commissioner.
- If a collateral assignment is present on a lease and the lease goes through a competitive bidding process, the lien holder will be notified of all competitive bid proceedings