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County OKs intent to issue bonds for Project Ranger and interim loan to acquire project land
Summary
Commissioners approved an intent resolution to issue up to $125 million in industrial revenue bonds for Project Ranger and authorized interim use of county economic‑development funds to purchase parcels that will be part of the project; county staff said interim loan will be interest‑only at 4.5% for up to three years.
Sandoval County commissioners on July 23 approved a nonbinding intent resolution to issue industrial revenue bonds of up to $125 million for a development called Project Ranger and also authorized temporary use of county economic development funds to purchase parcels needed for the project.
County staff told the commission the intent resolution permits the county to proceed with project negotiations and constitutes a first formal step toward potential tax abatements in exchange for job creation and other negotiated…
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