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Commission approves land exchange with GEO Group, equalization payment of $125,000 noted
Summary
The Hobbs City Commission adopted Ordinance 11-68 to exchange roughly 66.64 acres of city-owned land for about 68.15 acres owned by GEO Group Incorporated. Appraisals and an equalization payment of $125,000 to Hobbs City were noted; GEO will handle environmental and closing costs.
The Hobbs City Commission voted to adopt Ordinance 11-68, authorizing a land exchange between Hobbs City and GEO Group Incorporated.
Assistant City Manager Todd Randall presented the measure as a final adoption. Randall said the GEO-owned parcel appraised at $475,000 and the city-owned parcel appraised at $600,000, producing an equalization payment of $125,000 to Hobbs City. Randall told the commission GEO Group currently owns the vertical facilities on the property; the city’s transfer would resolve outstanding issues regarding facility ownership and would include GEO’s responsibility for environmental remediation on the parcel the city will receive, plus closing costs and any necessary replanting.
Randall noted the properties are in the North Tract A area and that a 45-day referral period applies to the sale of public property, so closing could not occur until after that period if the ordinance remains in effect. The commission opened the ordinance for public comment, heard none, and moved to final approval by recorded roll-call vote. The motion passed by recorded votes from the present commissioners.
The ordinance transfers land subject to the stated appraisals and the equalization payment; staff did not report additional city expenses related to the exchange beyond what was noted in the presentation.
