N.M. Admin. Code § 2.70.4.7

Current through Register Vol. 36, No. 1, January 14, 2025

Section 2.70.4.7 - DEFINITIONS

For these purposes, "major" is defined as:

A."Appraisal report" for the purpose of real property purchases means a report of an opinion of value conducted by a general certified appraiser and that meets all requirements under the Uniform Standards of Professional Appraisal Practice (USPAP).

B."Board" means the state board of finance.

C."Current" means:

(1) in the context of a title binder dated within six months of the proposed closing date;

(2) in the context of an appraisal an appraisal report with an effective date within one year of the date of submission of the proposed transaction to the board for approval.

D."Equipment costs" for the purpose of construction or remodeling are defined as costs for equipment, machinery, apparatus, appliances, furniture, and fixtures, either moveable or non-moveable.

E."Major" for the purpose of remodeling projects is defined as any project meeting the cost thresholds established in this subparagraph E so long as equipment costs do not exceed fifty percent of the total project cost.

(1) any project funded, in whole or in part, by capital outlay legislation signed into law for which costs exceed $1,600,000.00, at institutions with FTE enrollments under 1,500;

(2) any project funded, in whole or in part, by capital outlay legislation signed into law for which costs exceed $2,400,000.00, at institutions with FTE enrollments of 1,500 or more;

(3) any project funded exclusively by sources other than legislative appropriations for which costs exceed $160,000.00, at institutions with enrollments of 1,500 FTE or less; or

(4) any project funded exclusively by sources other than legislative appropriations for which costs exceed $950,000.00, at institutions with enrollments exceeding 1,500 FTE.

F."Public entity" means a local public body, a state agency, a school district, a state educational institution, or other governmental instrumentality created by statute.

G."Remodel" means to change, modify, or transform a space in a way that alters its use, design, or function, including the reconfiguration of spaces. Remodel encompasses renovation and repair when the use, design, or function of a space is altered.

H."Renovation" means the change, strengthening, or addition of load-bearing elements; or the refinishing, replacement, bracing, strengthening, upgrading, or extensive repair of existing materials, elements, components, equipment or fixtures. To revive, restore, or repair an existing space.

I."Repair" means the reconstruction, replacement, or renewal of any part of an existing building for the purpose of its maintenance or to correct damage. Repair may include infrastructure systems replacements (e.g., elevators, roofs, HVAC, signage, stucco, windows, lighting, electrical, plumbing, flooring).

N.M. Admin. Code § 2.70.4.7

2.70.4.7 NMAC - Rn, Directive 89-4 & A, 2/1/07, Adopted by New Mexico Register, Volume XXXV, Issue 24, December 23, 2024, eff. 12/23/2024