Scandal starting to affect projects
Posted at: 08/08/2012 11:03 PM
| Updated at: 08/08/2012 11:06 PM
By: Danielle Todesco, KOB Eyewitness News 4
We are just now getting a look at how the New Mexico Finance Authority scandal is affecting New Mexicans.
The City of Albquerque was getting a $27 million dollar project financed through the NMFA.
That money was to build roads, sidewalks, sewer, and water-lines for about 300 land owners at Unser and Paseo.
Because of the NMFA scandal, their financing fell through - so the city is looking for someone else to finance it.
If they can't find a good rate, Michael Riordan with the city says they will have to postpone the project.
"We're pursuing this very aggressively to make sure that project can still happen," Riordan said. "We know NMFA can't do it for us, we're on option B now, which is soliciting bids from the local banks."
Riordan says they hope to find new financing within the next few weeks to stay on track for the project's start date this fall.