SFRCC’s Lease & Management Agreement with the City of Santa Fe was originally entered into in 2002 for a term of 10 years. The agreement was extended in 2011 through 2030, at which time all the city debt for Railyard development-related costs will be retired.

Financial Agreement

Through its rent paid to the City, SFRCC will pay for 30% of the land acquisition ($7 million) and 100% of the infrastructure cost ($18.9 million)

• The fixed rental schedule is through 2029.
• Annual rent paid to the City is $500K to $1.2 million.
• After the infrastructure debt is paid in FY 2026-2027, SFRCC will pay a minimum of 50% of its net revenue to the City. The other 50% will be utilized for Railyard operations and enhancements.
• The $23 million land acquisition bond was paid off by the City in 2010.
• SFRCC’s rent to the city is repaying $18.9 million for City infrastructure debt.
• SFRCC has paid $12.0 million to the City of Santa Fe through 2023.
• SFRCC will pay the balance of $7 million by 2029, and thereby retire all of the remaining bond debt.