(A) Some land within the Elena Gallegos Grant acquired by the City was traded by the City to the United States for inclusion in the Cibola National Forest and the lands acquired in exchange (the “Open Space Exchange Lands”) shall be sold, leased, or exchanged. The cash proceeds from any sales, leases, or exchanges of Open Space Exchange Lands will be placed in the Robert M. White Open Space Trust Fund perpetuated by §§ 4-2-3-1 et seq. PROCEEDS shall mean the net purchase price paid to the City of Albuquerque for the land after deduction of all costs incurred in the marketing or sale of the land. Income derived from the proceeds and other consideration not included in proceeds shall be utilized as provided for other income in § 4-2-3-4.
(B) If Open Space Exchange Lands are traded for land which is not Major Public Open Space as defined by adopted City plans, but is intended for ultimate sale or other disposal, no proceeds will be required to be deposited into the Robert M. White Open Space Trust Fund or payment made to the Albuquerque Academy pursuant to the purchase agreement approved by the City Council on March 15,1982. To the extent that cash proceeds are received by the City as part of such an exchange, the cash proceeds will be deposited into the Robert M. White Open Space Trust Fund. When the land is ultimately sold, leased, or exchanged for Major Public Open Space, the operative portions of §§ 4-2-3-1 et seq. and the Academy Agreement regarding disposition of proceeds will take effect.
(C) Money from sources such as grants, donations, and appropriations may be placed in the Robert M. White Open Space Trust Fund created by §§ 4-2-3-1 6 et seq.
(D) If Open Space Exchange Lands are exchanged for land designated as Major Public Open Space by the Albuquerque/Bernalillo County Comprehensive Plan or other adopted City plans, no proceeds will be required to be deposited into the Robert M. White Open Space Trust Fund. Any payment to the Academy necessitated by such an exchange may be paid from the Open Space Trust Fund or from other available funds.
('74 Code, § 4-11-3) (Ord. 72- 1988; Am. Ord. 2015-028; Am. Ord. 2023-034)