FACILITIESPENDING

Economic Development Advisory Committee Meeting Agenda May 2026

City Considers Long-Term Lease for Midtown Visual Arts Center

One Dollar ($1.00) cash rent plus in-kind rent via renovation obligations; $10,000 deposit returned at construction commencementSanta 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 renovation and operation of the Midtown Visual Arts Center and Barracks. The agreement provides a 10-year initial term with options to extend up to 50 years, structured around in-kind rent through phased redevelopment and community benefit commitments. Developer will finance and manage the arts-focused hub while meeting specific environmental, leasing, and reporting conditions.

Contract Details

Contract Amount

One Dollar ($1.00) cash rent plus in-kind rent via renovation obligations; $10,000 deposit returned at construction commencement

Vendor

MIDTOWN ARTS AND DESIGN ALLIANCE LLC

Agency

Santa Fe MPO, NM

Contract Type

FACILITIES

Document Date

May 6, 2026

Contract Term

Initial 10-year ground lease, with automatic 10-year first extension and three additional 10-year extension options (maximum 50 years)

Renewal Info

Initial 10-year term beginning on the ordinance’s effective date, with an automatic 10-year first extension if no uncured default exists, plus three additional automatic 10-year extension terms (total maximum 50 years); further extensions beyond 50 years require Governing Body approval. Developer must provide notice of each exercised extension term and remain free of uncured events of default for extensions to take effect.

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