Title
Incorporated County of Los Alamos Ordinance No. 718: An Ordinance Terminating the Economic Development Project for Public Support of TNJLA LLC, a New Mexico Corporation
Recommended Action
I introduce, without prejudice, Incorporated County of Los Alamos Code Ordinance No. 718 and ask the staff to assure that it is published as provided in the County Charter.
County Manager's Recommendation
The County Manager recommends that Council introduce this Code Ordinance.
Body
The purpose of this Ordinance is to terminate the economic development agreement with TNJLA LLC ("TNJLA") facilitated by the Local Economic Development Act ("LEDA"). If approved, Ordinance No. 718 (Attachment A) terminates the Project Participation Agreement ("PPA") as agreed to by TNJLA in the executed Waiver and Release Agreement attached with Ordinance No. 718. The Waiver and Release Agreement outlines the process by which TNJLA releases and discharges the County from any future obligations in relation to the original PPA.
Brief History of the Project with TNJLA:
Pursuant to the State's Local Economic Development Act, Sections 5-10-1 through 5-10-17 NMSA 1978 and County Ordinance No. 695 adopted by the Los Alamos County Council on November 16, 2019 (Attachment B), the County and TNJLA entered into a Project Participation Agreement ("PPA") dated November 16, 2019, pursuant to which the County agreed to transfer certain County-owned property located on the 20th Street Extension, platted and recorded in Los Alamos County Records as Instrument Document No. 231237 ("Real Property"), the value of which was appraised at One Million Eight Hundred Twenty-Five Thousand Dollars ($1,825,000.00).
Pursuant to the PPA, the transfer of the Real Property from County to TNJLA was conditioned upon TNJLA securing a constructing financing commitment in an amount sufficient to support the development of an extended stay hotel facility, including a 250 to 300-person banquet-style conference center, and a mi...
Click here for full text