Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Natatorium Financing topic
No spam. Unsubscribe anytime.
Commission authorizes application for $12M in financing toward Alamogordo natatorium
Summary
Commission approved a resolution to submit a $12 million application to the New Mexico Finance Authority as an initial step toward financing a new natatorium; combined with a $4 million local transfer, the project budget would reach about $16 million for construction and contingencies.
The Alamogordo City Commission voted 7-0 to authorize staff to submit an application to the New Mexico Finance Authority for up to $12,000,000 in project financing for a new natatorium. City staff said the design process is advanced enough to begin the funding process and that, combined with a previously approved $4,000,000 Local Economic and Technical Assistance transfer, the project would have up to $16,000,000 available for construction and contingencies.
Chris and John Archuleta (project representatives) and Justin Boyle (design staff) told the commission the application is the required first step; if the finance authority approves the request in December, the commission would later consider an ordinance authorizing the loan agreement and incurring the debt. Staff projected a closing with funds available in February or early March if steps proceed on schedule.
Commissioners emphasized the need to keep contingency and schedule risk in mind. Motion to approve the resolution authorizing submission of the completed application passed unanimously.
Next steps: staff will proceed with the finance-authority application and, if approved, return to the commission with an ordinance to authorize the loan agreement and the debt incurrence; staff will continue to refine design and cost estimates.
