New Mexico State University is creating a tax-exempt nonprofit corporation to manage and develop the Las Cruces-based university's land, property and water assets.
According to the university, all of the Aggie Development Corp.'s net revenue will be contributed to the university, and NMSU President Garrey Carruthers says creating the corporation will make it easier for NMSU to produce revenue from its assets..
The corporation's seven-member board of directors will include regents, university administrators and two people from outside the university.
The NMSU Board of Regents authorized creation of the corporation on Wednesday.
The effort to establish the corporation will be led by Ben Woods, NMSU's special adviser to the president.
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