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Thursday, April 05, 2007

Thornburg to Get City Backing

by: Erin Kello

Thornburg will get to build an office on office complex on Ridgetop Road in Santa Fe, New Mexico, the city's finance committee said Monday. Final approval will come from a vote, scheduled for May 30 from the full city council.

The Sante Fe New Mexican reports that the city would issue $45 million in industrial-revenue bonds that would be used by a Thornburg holding company to build the office campus. The 30-year bonds would be repaid by the holding company -- Ridgetop Road LLC -- which would also oversee construction of the project.

The deal will save Thornburg an estimated $11.9 million over 30 years in property-tax payments, based on city estimates. The city sees the company as an asset to the community, paying high wages and running a clean ship.  

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