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Wed July 23, 2014
NMSU Creates Nonprofit To Devleop New Revenue Streams
New Mexico State University’s Board of Regents approved the creation of Aggie Development Corporation during their regular meeting July 23. The newly formed corporation will allow NMSU to better manage and develop its land, property and water assets.
“The creation of Aggie Development Corporation allows New Mexico State University to operate in a more business-like manner when we look to develop our assets,” said NMSU President Garrey Carruthers. “This makes it easier for us to turn some of our fiscal assets into revenue streams for the university.”
Aggie Development Inc. is a 501(c)(3) tax-exempt nonprofit organization created under the University Research Park and Economic Development Act. The new corporation will be tasked with real estate development, effective management of NMSU’s real estate and water assets and the creation of new public-private partnerships to benefit both the university and the surrounding community. All of the corporation’s net revenue will be contributed to the university.
Ben Woods, NMSU’s special adviser to the president, will lead the effort in establishing Aggie Development Corporation.
“I’m honored to be given the opportunity to serve in this capacity,” Woods said. “I think this project will tremendously benefit the institution. With just a modest investment of effort, we will gain value for the assets we have in excess of our needs. Credit for this belongs to our Regents, in particular Mike Cheney, and President Carruthers.”
During the meeting, Regents appointed a seven-person board of directors to oversee Aggie Development Corporation. The board of directors includes Regent Mike Cheney, Regent Kari Mitchell, President Carruthers, NMSU Senior Vice President for Administration and Finance Angela Throneberry, NMSU Dean Lowell Catlett and two other members from outside the university.
During the meeting, Regents also authorized a process to begin transferring management of several parcels of land owned by the NMSU Regents north of University Avenue to Aggie Development Corporation.
Information from NMSU