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File #: OR0951-22b    Version: 1
Type: Ordinance Status: Public Hearing
File created: 6/28/2022 In control: County Council - Regular Session
On agenda: 8/9/2022 Final action:
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.
Presenters: Daniel Ungerleider; Paul Andrus
Attachments: 1. A - ORDINANCE NO. 718, 2. B - ORDINANCE NO. 695, 3. C - Publication Notice
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 move that Council adopt Incorporated County of Los Alamos Code Ordinance No. 718, an Ordinance Terminating the Economic Development Project for Public Support of TNJLA LLC, a New Mexico Corporation.
County Manager's Recommendation
The County Manager recommends that Council adopt Incorporated County of Los Alamos Ordinance No. 718.
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 construction financing commitment in an amount sufficient to support the development of an extended stay hotel facility, including a 2...

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