Stalled railyard project seeks City of Santa Fe's aid
Posted at: 10/29/2009 7:30 PM
By: Gadi Schwartz, Eyewitness News 4; Charlie Pabst, KOB.com
A large pit sits next to the Santa Fe Railyard's Flying Star.
Most people in Santa Fe agree a movie theater at the railyard site is a good idea, but the problem is that movie theater is just a hole right now— and there's no money to fill it in.
Right next to Flying Star and just beyond a fence sits a pretty expansive hole with lots of mud and ice.
Railyard member Marco Gonzales said "There has already been $18 million worth of investment in the site."
Developers of the movie theater that's supposed to fill the hole say they would love to keep working on the project, but they can't get the $35 million needed to finish the cinema.
"The bank is out now," Gonzales said. "They are not loaning money— there isn't any money on the street. We have no other real opportunity to get traditional financing, and in order for us to fulfil the master plan we need to go to the city and ask that they be our partner in this."
Patience may be wearing thin.
"They have had two years to get it together. They have not done it— if they can't get a loan, that may not be our problem," said Santa Fe City Councilor Rosemary Romero. "I would have no problems covering up the hole. I don't think it's the right time."
One planning problem: While the theater is part of the master plan, there's no time limit on when it needs to be built.
Hypothetically, the hole could sit untouched for 90 years, provided the developer pays the rent.
Richard Czoski, Executive Director of Santa Fe Railyard Community Corporation, said, "The lease agreement does not include an opt-out. In retrospect, perhaps we should have had a date certain for delivery of the cinema."
On Wednesday night, the city council passed a resolution that would explore what options they have in dealing with the hole.
One option is passing a $35 million bond to help get the project finished.
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