FACILITIESPENDING

Metropolitan Redevelopment Commission Agenda May 6 2026

City proposes long-term lease for Midtown Visual Arts Center

$10,000 deposit; One Dollar ($1.00) cash rent; in-kind rent via obligations; term of ten (10) years with option to renew four (4) timesSanta Fe MPOMIDTOWN ARTS AND DESIGN ALLIANCE LLCMay 6, 2026

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Description

The City of Santa Fe is considering approval of a long-term ground lease and development agreement with Midtown Arts and Design Alliance, LLC for the Midtown Visual Arts Center and Barracks, valued primarily through in-kind redevelopment obligations and nominal cash rent. The agreement grants an initial 10-year lease term with up to 40 additional years of extensions, during which the developer will finance, renovate, manage, and sublease the arts-focused facilities in phases while delivering specified community benefits.

Contract Details

Contract Amount

$10,000 deposit; One Dollar ($1.00) cash rent; in-kind rent via obligations; term of ten (10) years with option to renew four (4) times

Vendor

MIDTOWN ARTS AND DESIGN ALLIANCE LLC

Agency

Santa Fe MPO, NM

Contract Type

FACILITIES

Document Date

May 6, 2026

Contract Term

Initial term of ten (10) years commencing on the Effective Date, with automatic ten-year First Extension Period and three additional ten-year Extension Terms (total potential term up to fifty (50) years), subject to conditions

Renewal Info

Agreement includes an initial 10-year term automatically extending for a 10-year First Extension Period if no uncured default exists, plus three consecutive 10-year Extension Terms automatically extending under similar conditions, for a maximum 50-year term. After the third Extension Term, any further extension requires Governing Body approval; Developer must also give written notice of each exercised Extension Term and may choose not to extend by giving notice 12–18 months before expiration of the then-current term.

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