Theater that can't find funding asks Santa Fe for help

the state budget isn't the only money pit in santa fe. a massive hole in the ground in the santa ...  More »

the state budget isn't the only money pit in santa fe. a massive hole in the ground in the santa fe railyard is creating its own controversy. our santa fe bureau chief gadi schwartz is live with why some say that hole is more of a money pit. most people in santa fe agree a movie theater at the railyard is a good idea. planne say it would attract more people and businesses to the area. but the problem is that movie theater is just a hole right now -- and there's no moneto fill it in. right next to flying star - and just beyond a fence- sits a pretty expensive hole with lots of mud and ice--- there has already been 18 million dollars worth of investment in the site... developers of the movie theater that's supposed to fill it say they would love to keep working on the project -- but can't get the 35 million dollars needed to finish the cinema. that has them asking for some public funding -- in the form of bonds issued by the city. the banks out now, 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 .. but patience may be wearing thin. they have had 2 years to get it together they have not done it, if they can't get a loan that may not be our problem. 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 -- providing the developer pays the rent. the lease agreement does not include an opt out , in retrospect perhaps we should have had a date certain for delivery of the cinema. last 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 dollar bond to help get the project finished.  « Less