Taos Council approves $8.195 million loan for Filimon Sánchez sports complex
July 08, 2025 | Taos City, Taos County, New Mexico
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The Taos Town Council on July 8 approved Ordinance 25-05 authorizing a loan agreement with the New Mexico Finance Authority for $8,195,000 to design, construct, renovate and equip the Filimon Sánchez Sports Complex, including EcoPark.
The project will be repaid primarily from the town’s state-shared gross receipts tax (GRT), with the Finance Authority’s required intercept on those GRT distributions. Eric Herrigan of RBC Capital Markets, the town’s municipal adviser, told council the bonds priced July 1 with a locked interest rate of 4.192 percent and annual debt service of about $615,620. He said the loan includes a debt-service reserve fund of $620,004.95. “This is about $70,000 less than what was originally anticipated,” Herrigan said.
Bond counsel Chris Muirhead and Ian Bearden of Mahler Law Firm reviewed the loan and said the authority’s intercept and reserve are standard conditions for this type of New Mexico Finance Authority financing. Town staff and the council also discussed the mechanics of the intercept, which routes the pledged portion of state-shared GRT to the Finance Authority’s trustee before the remainder is distributed to the town.
Supporters on the council described the package as affordable given the town’s GRT coverage ratio. Councilor Oswald moved to approve the ordinance; Mayor Pro Tem Fambro seconded. The motion passed 4-0 (Council Member Oswald: yes; Mayor Pro Tem Fambro: yes; Council Member Fernandez: yes; Council Member Ortega: yes).
Public comment raised requests for more detailed design materials and questioned specifics for EcoPark. Resident Steven Jeff Hall asked the council to publish the term sheet and design drawings so residents could review proposed changes to open space and see what would occur at Echo Park. Council and staff said design documents are near 100 percent and will be reviewed with the council and posted.
The loan ordinance sets a 20-year final maturity with a 10-year optional redemption feature; the debt-service schedule and closing paperwork will be finalized before the anticipated August 22 closing. Staff said the town could consider using other eligible revenues such as lodgers tax to make payments in the future but that would require further discussion with the Finance Authority. Implementation of the project will proceed after closing, completion of final drawings and contractor pricing.
The project will be repaid primarily from the town’s state-shared gross receipts tax (GRT), with the Finance Authority’s required intercept on those GRT distributions. Eric Herrigan of RBC Capital Markets, the town’s municipal adviser, told council the bonds priced July 1 with a locked interest rate of 4.192 percent and annual debt service of about $615,620. He said the loan includes a debt-service reserve fund of $620,004.95. “This is about $70,000 less than what was originally anticipated,” Herrigan said.
Bond counsel Chris Muirhead and Ian Bearden of Mahler Law Firm reviewed the loan and said the authority’s intercept and reserve are standard conditions for this type of New Mexico Finance Authority financing. Town staff and the council also discussed the mechanics of the intercept, which routes the pledged portion of state-shared GRT to the Finance Authority’s trustee before the remainder is distributed to the town.
Supporters on the council described the package as affordable given the town’s GRT coverage ratio. Councilor Oswald moved to approve the ordinance; Mayor Pro Tem Fambro seconded. The motion passed 4-0 (Council Member Oswald: yes; Mayor Pro Tem Fambro: yes; Council Member Fernandez: yes; Council Member Ortega: yes).
Public comment raised requests for more detailed design materials and questioned specifics for EcoPark. Resident Steven Jeff Hall asked the council to publish the term sheet and design drawings so residents could review proposed changes to open space and see what would occur at Echo Park. Council and staff said design documents are near 100 percent and will be reviewed with the council and posted.
The loan ordinance sets a 20-year final maturity with a 10-year optional redemption feature; the debt-service schedule and closing paperwork will be finalized before the anticipated August 22 closing. Staff said the town could consider using other eligible revenues such as lodgers tax to make payments in the future but that would require further discussion with the Finance Authority. Implementation of the project will proceed after closing, completion of final drawings and contractor pricing.
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