Thornburg Cos. has applied to the city of Santa Fe for a $45 million industrial revenue bond to build its new corporate campus. The cost of the new campus has soared from $30 million to $45 million in three years partially because of litigation and construction material costs. The 30-year IRB is designed to save the company approximately $10 million in abated property taxes over the life of the bond. Santa Fe has not granted an IRB in more than a decade.
Thornburg Mortgage Inc. (NYSE:TMA) is one of two New York Stock Exchange traded companies headquartered in the state and is seeking to consolidate its various entities in one seven acre location on Ridgetop Road. Groundbreaking for the 102,000 square feet of environmentally-friendly buildings was scheduled for February but has been pushed back to late April.
Santa Fe's City Council isn't expected to vote on the request until April. The first public airing of the request occurred earlier today and was unanimously approved by the Santa Fe Economic Development Review Committee. Several City Council committees must review it before it goes before the full City Council.
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