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UNESCO Member of the Creative Cities Networks since 2005
College of Santa Fe
Mayor Coss, the City Council and City staff, Governor Richardson and his staff, the College of Santa Fe and Laureate Education Inc. have worked very hard to put a financially sound package together for the City to purchase the College of Santa Fe. 

On Wednesday, July 29, 2009, the City Council voted to approve the bond refinance, the lease with Laureate for a four-year accredited college and on the agreement for the City to purchase the College.  Click here to read or download the Lease Agreement.

Below are the details of the deal:

The City takes out a loan and buys the College of Santa Fe for $19.5 million.  An additional $15 million will be used for improvements on the property.  There is also funding allocated for reserves and other city costs.  (See 'Sources and Uses' document linked below.)


As an economic development project, Laureate leases the bulk of the property from the City for $2.35 million/year on a 27 year lease.


Lease payments from Laureate cover City loan payments and expenses.


Laureate operates the college as part of an international educational network.


The College continues to offer undergraduate and graduate programs.


Art and design will be flagship educational programs.


The State of New Mexico plans to buy land along Siringo Road.


The City's purchase does not include the Shellaberger Tennis Center.


The Santa Fe Art Institute will continue operations.

Sources and Uses document

Frequently Asked Questions

 

 

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