A contract worth more than $ 6 million for the construction of a new Magistrate’s Court in Ruidoso was awarded to Bradbury Stamm Construction by the Ruidoso Village Council on November 29.
The unanimous decision of the Ruidoso village council was taken at a special council meeting.
Bradbury Stamm Construction, a company based in Albuquerque, New Mexico, will undertake the project through a “manager at risk” contract. In progress.
The 11,120-square-foot building will cost $ 6,154,774.00, including gross revenue tax, according to documents from the village of Ruidoso. It should be inaugurated in March 2022.
The project and budget include $ 40,107 for the construction of a gravel-to-asphalt parking lot. Project design costs, already spent, totaled $ 262,931.30.
The district court complex would be built on Reese Drive. The New Mexico Courts Administration Office (AOC) will manage construction of the project under the agreement.
“The project would be completely turnkey and the CMAR (manager under risk contract) would be responsible for building, furnishing and equipping the facility allowing the AOC to simply enter and offer services”, indicates a project construction proposal.
As part of the process, the village council also unanimously approved a resolution to borrow “up to” an additional $ 1.5 million from the New Mexico Financial Authority to cover a funding gap. of the project.
The village entered into a loan agreement with the New Mexico Financial Authority in December 2020 for $ 5,310,000, for proceeds of $ 6,402,409, which is below funding requirements.
The amount of $ 1.5 million includes a project capital requirement of $ 810,841, the first principal payment of $ 85,000 and capitalized interest of $ 205,425 for the first year of the initial loan.
The loan closing date was set for December 31.
Daniel Alsup, of the law firm Modrall Sperling, told council members that the loan mirrored the original loan.
âAs with the previous loan, the only income pledged to pay off this loan would be the rental payments that the village actually receives from the COA for the project,â Alsup said.
“No other village fund such as the TSOs or the general fund is committed for the payment of this loan. It is therefore structured in relation to the original loan.”
A budget adjustment resolution to change the village’s budget for fiscal year 2022 was also unanimously approved by councilors to add additional debt, said finance director Judi Starkovich.
Jessica Onsurez can be reached at [email protected], @JussGREAT on Twitter or by phone at 575-628-5531.