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Commission authorizes NMFA loan/grant documents for Marie Street improvements
Summary
The commission authorized execution of NMFA Colonial infrastructure fund grant and loan documents to finance Marie Street improvements: roughly 90% grant and 10% loan (~$1.3M) with a local cash match of about $136,000, for an approximate total project near $1.5 million.
City staff presented the Marie Street improvements project financing and asked the commission to authorize execution of the New Mexico Finance Authority (NMFA) Colonial Infrastructure Fund grant and loan documents. The presenter said the award is roughly 90% grant and 10% loan, with a cash match of $136,000, producing a project total near $1.5 million.
"We received a grant. Sorry. 90% grama, 10% loan right around $1,300,000, and we'll have a cash match of 136,000. So that'll give us a total project of about 1,500,000," Sal Perez said when describing the funding breakdown and the required authorization to close with NMFA. Commissioners moved and seconded a resolution to authorize execution and delivery of the loan and grant documents so staff can proceed with NMFA closing.
The resolution authorizes staff to complete the grant-agreement and loan documents and proceed toward closing with the NMFA; staff said the approval will allow the project to move forward under the awarded funding package.
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