City approves emergency demolition of five unsafe buildings

In a recent city commission meeting, officials discussed the approval of a new bond issuance aimed at funding the city’s cycling program and street improvements. Eric Harrigan from RBC Capital Markets reported that the city will issue bonds every three years, maintaining an annual debt service of $1.5 million. The bonds, priced this week following approval from the New Mexico Finance Authority Board, carry a true interest cost of 3.078 percent, which includes $360,000 in disadvantaged funding at a lower interest rate of 2%. The bonds also feature an optional redemption date set for 2030 and 2033.

The commission unanimously approved the adoption of ordinance number 22,192,024, signaling continued support for the city's infrastructure initiatives.

Additionally, the meeting addressed the demolition of five unsafe structures identified by the building safety department. City attorney Morris detailed the conditions of these properties, which have been deemed incapable of repair and pose risks to public health and safety. Among the properties discussed was a fire-damaged structure at 1220 Mitchell, which had recently experienced another fire. The property owner expressed agreement with the demolition, stating that they had been unable to fund the demolition themselves but welcomed the city's intervention.

The commission moved to approve resolutions authorizing the demolition of the identified properties, reflecting the city’s ongoing efforts to enhance community safety and address blighted structures. The resolutions were passed with a motion from Commissioner Paula, demonstrating a collective commitment to improving the city's infrastructure and public safety.