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Thornburg's Santa Fe Campus Construction Delayed


New Mexico Business Weekly
March 19, 2007


The April 27 groundbreaking for Thornburg Mortgage's Santa Fe campus has
been delayed 30 to 60 days, according to spokesman David Miller.
The delay is a result of the project's approvals process within the city
of Santa Fe's planning department. The company recorded its development
plan on Friday, March 16, and Miller hopes it will take 60 days to achieve approvals.

The project has been delayed for several months because of litigation from
residents, which has partially caused the cost of the project to balloon
from $30 million to $45 million. The company has applied to the city for
an industrial revenue bond to help mitigate those increased costs.
Thornburg (NYSE: TMA) wants to consolidate its various entities in a
three-building, 100,000-square-foot campus outside of downtown Santa Fe --
where the company is currently in leased space.

 

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