Albuquerque Journal (Albuquerque, NM)

Leases Should Help Rail Yard.(Opinion)


Three of four private nonprofit groups currently housed at Santa Fe's Downtown railroad yard now agreed to begin paying higher rents in exchange for long-term leases.

This is a welcome step in the otherwise glacial pace of development at the rail yard. By committing to the lease terms, the three nonprofits can rest assured that they won't be booted out of the rail yard and can proceed with their own plans for expansion and improvement.

Equally important, the long-term leases will help city officials make accurate long-term income projections and budget for the $20 million, publicly owned property's future.

The lease terms, which still must be approved by the City Council, are as follows: SITE Santa Fe art space, which has always paid substantially more than other rail yard tenants for its headquarters in a renovated beer warehouse, now will pay $67,000 a year. …

Log in to your account to read this article – and millions more.