2003 Section 108 Project Summary - New Mexico

Information by State  Print version

Economic Development

Business Incubator
BORROWER: SANTA FE
STATE: NM
COMMITMENT AMOUNT: $300,000

The City of Santa Fe will promote business growth by remodeling portions of the Phase I facility of the Santa Fe Business Incubator (SFBI) to integrate with Phase II; to upgrade portions of the building; and to finance associated economic development services. The project is expected to allow the facility to meet the demonstrated demand for incubator services in Santa Fe and to increase the sustainability of the project. The incubator has a program dedicated to supporting low- and moderate-income business owners, called the Business Opportunity Program. Phase II will continue to provide support for a wide variety of businesses and will be equipped with the technology required by "New Economy" technology businesses, as well as production, office, and service spaces for all types of businesses. The Section 108 assistance is in conjunction with a HUD Economic Development Initiative (EDI) grant in the amount of $300,000. Upon completion, the project is expected to create 170 full-time jobs, principally for low- and moderate-income persons. The total project cost is estimated at $3.1 million.

Carlsbad Water Park
BORROWER: CARLSBAD
STATE: NM
COMMITMENT AMOUNT: $2,015,000

The City of Carlsbad was awarded a $2,015,000 loan guarantee under Section 108 to provide funding assistance for the construction of the Carlsbad Water Park. The project is the anchor and first development of the Cascades at Carlsbad, an educational/scientific, commercial and entertainment destination. The City loaned the funds to S.D. & US, Inc., a for-profit New Mexico corporation. The City was also awarded a Brownfields Economic Development Initiative (BEDI) of $775,000 in 2002, which will be used with the Section 108 Loan funds to finance infrastructure and construction costs for the project.