37-214 - Arizona Statutes

37-214. Board of appeals; approval of participation contracts; appeal A. Before approving a participation contract, the board of appeals shall review the report submitted by the commissioner pursuant to section 37-239. A majority vote of a quorum of the board is required for the adoption of the report. Upon the adoption of the report the proposed participation contract may be approved. The board shall act within one hundred twenty days after receiving the report. B. Land classified as suitable for commercial or homesite purposes after completing the planning process pursuant to article 5.1 of this chapter shall not be leased for a term greater than ten years unless the board determines that such lease will result in obtaining a higher benefit to the trust than would result if the land were sold. In making this determination, the board shall consider the sales price, the investment earnings potential, the property tax revenues obtainable once the land has been sold, the role of trust earnings in the financing of the activities of the beneficiaries, the potential earnings available through the lease or exchange of the lands in question, the potential long-term appreciation of the land and all other factors deemed relevant by the board. C. A final decision of the board may be appealed by the commissioner or by any person adversely affected by the decision pursuant to title 41, chapter 6, article 10.