Council approves up to $230 million in workforce‑housing bonds for Coyote Mesa project

The council approved a resolution authorizing the Public Finance Authority to issue not‑to‑exceed $230,000,000 in workforce‑housing revenue bonds on behalf of Madrone (the Coyote Mesa project). Dan Osborne, housing special projects manager, told the council the bond proceeds would fund construction and related infrastructure for a 380‑unit project that includes 120 county deed‑restricted units for households earning 60–100% of area median income (AMI) and an additional 98 state‑restricted units for households up to 120% AMI.

Osborne emphasized this action carries no financial liability for Los Alamos County because the revenue bonds are a limited obligation payable solely by the borrower. "Revenue bonds are a special limited obligation paid solely by the borrower and will not constitute financial liability to the county or to the state of New Mexico," he said. Councilors asked technical questions about whether infrastructure costs—sewers, roads, even a potential substation—were included; staff confirmed the bond will cover construction, infrastructure, FF&E and other development costs. The motion to adopt Resolution 26‑17 passed on a roll call vote, 6–0 (Councilor Hand absent).