The City borrows $19.5 million and buys the College of Santa Fe. 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