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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 benefits. Jill Sweeney of the Taft Law Firm described the resolution as the mechanism that begins the IRB process; the commission was asked to consider a subsequent ordinance when further details are available, expected around Aug. 27.
Separately, staff asked commissioners to approve use of two county economic‑development funds to buy land on both sides of Section 36 of state trust land near Paseo Del Volcan that are planned for inclusion in Project Ranger. County staff said they will divide the interim loan evenly between two accounts and that Treasurer Jennifer Taylor recommended a 4.5% arm’s‑length interest rate for up to three years while the county transitions the financing into a permanent structure. The interim loan will be interest‑only and staff said lease payments from Project Ranger are expected to generate cash flow sufficient to amortize a permanent loan later.
Rob Burpo said the county will work with the treasurer and portfolio manager to liquidate securities as needed to pay for the land purchases and that the county intends to refinance the interim loans into longer‑term financing later in the fiscal cycle. He said the county expects to return around June 30 next year with a refinancing plan that might include rolling in other General Revenue‑related projects.
Both resolutions passed on voice vote with all commissioners recorded as yes.
Ending — County staff said they will return with additional project specifics and an ordinance for bond authorization in August and will coordinate with state and project partners on required notices and agreements.
