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Wednesday, April 23, 2008
Land Off N.M. 14 Sold to Santa Fe County for Studio
Associated Press
SANTA FE — State Land Commissioner Patrick Lyons has signed the papers selling 65 acres off N.M. 14 to Santa Fe County, which in turn plans to sell the land for a film studio.
Lyons signed the documents Tuesday and the County Commission gave him a $1.8 million check for the property. The tract was appraised at $2.3 million, but Santa Fe County received $480,000 in credits for infrastructure it already installed.
Santa Fe Studios announced early this month it would seek the county's approval for a four-stage "green" production studio. Studio officials said the project would cement the area's role as the center of New Mexico's growing film industry.
Santa Fe Studios, which has produced films such as "Missing in Action" and "Man on Fire," had talked with county officials for years about the tract. However, no deal was ever reached, partly because of limits on the length of leases allowed on the property, which the county had leased from the Land Office since 2002.
Last fall, the county made its offer for the land. The state agency accepted the bid, but the purchase wasn't completed until Tuesday.
Lance Hool, president of Santa Fe Studios, called the county's purchase great news.
Lyons said the studios' proposed deal represented an "opening of the highway to bring a world class studio to New Mexico" and likely would increase the value of adjacent state-owned land.
Santa Fe Studios has proposed to pay the county $2.3 million cash for the property so it can build a $40 million film production facility there. In return for the potential of tax revenue and jobs, the county would grant the studios financial incentives, including forgoing property taxes on the land for about 20 years.
The County Commission will formally consider Hool's proposal Tuesday.
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