Taos Real Estate

The Town of Taos Council approved an action to:

1) enter into a Joint Powers Agreement and a Lease Agreement with the Taos Municipal School District regarding the 23+ acre Salazar Road property; and

2) authorized the execution and delivery of a loan agreement and intercept agreement by and between the Town of Taos, New Mexico, and the New Mexico Finance Authority (or other less costly lender) for the purpose of constructing Phase 1 of the Eco Park (in essence, the multipurpose – and tournament soccer fields and basic infrastructure).

This is part of the larger, Taos area plan to improve and expand sports/recreation offerings not only for local benefit, but for recreation tourism marketing/benefit.

The amount of the intended Town loan/commitment is approximately $2 million.

This approval came after extensive/exhaustive research and discussion by Mayor/Council/Staff to make sure the Town’s finances and core municipal responsibilities would be protected in this situation, and that the Town could afford the estimated debt service on such a borrowed amount.

June 16 is the date-specific continuance of the final approval of the JPA itself, which now must be sent to NMFA for its final approval.  Further loan research is also occurring to make sure the Town gets the best rate possible.

Contact Matthew Spriggs, Director, Community & Economic Development Dept., for more info., mspriggs@taosgov.com.

Cathy Connelly

Public Relations Director

Town of Taos

400 Camino de la Placita

Taos, NM 87571

575-751-2001

cconnelly@taosgov.com

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