Title
Incorporated County of Los Alamos Resolution No. 26-17 Approving the Issuance by the Public Finance Authority of Not To Exceed $230,000,000.00 of Its Workforce Housing Revenue Bonds On Behalf of Madrone - Los Alamos Housing I, LLC. [Related to Coyote Mesa Project]
Recommended Action
I move that Council adopt Incorporated County of Los Alamos Resolution No. 26-17, a Resolution Approving the Issuance by the Public Finance Authority of Not to Exceed $230,000,000.00 of Its Workforce Housing Revenue Bonds On Behalf of Madrone - Los Alamos Housing I, LLC For Purposes of Section 147 (f) of the Internal Revenue Code of 1986, As Amended, and Wisconsin Statutes Section 66.0304(11)(a).
County Manager's Recommendation
The County Manager recommends that Council adopt Incorporated County of Los Alamos Resolution No. 26-17.
Body
Project Chronology
July 2024: The County issued a solicitation for the lease or sale and development of the A-8-A parcel to create affordable workforce housing in a higher-density residential neighborhood adjacent to downtown.
July 2025: The County and Servitas, LLC entered a nonbinding term sheet for the development of approximately 380 workforce housing units on the 22-acre parcel. The plan includes 120 County deed-restricted 1-, 2-, and 3-bedroom units for households earning between 60% Area Median Income (AMI) and 100% AMI, maintaining an average of 80% AMI. In addition, there will be 98 State of New Mexico deed-restricted 1-, 2-, and 3-bedroom units for households earning up to 120% AMI.
September 2025: Council approved Ordinance No. 746, authorizing the sale and development of the property by Servitas and outlining the additional steps necessary to complete the project.
March 2026: Following the completion of due diligence and site plan approval, property ownership was transferred from the County to Servitas-Los Alamos Housing 1, LLC, which currently holds fee simple title.
July 2026: The approved Memorandum of Understanding (MOU...
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