Who is SFRCC?

The Santa Fe Railyard Community Corporation (SFRCC), a private 501C3 non-profit corporation, is responsible for the construction, leasing, property and public use event management of the revitalized Railyard. SFRCC is also responsible for managing the entitlement of each building project proposed by its land lease tenants. SFRCC and the Trust for Public Land as well as other community partners were involved in developing this community asset with the support of the City of Santa Fe.

SFRCC master leases 40 of the 50 acres of the North and Baca Street Railyards from the City of Santa Fe, which owns the property and 5 of the existing buildings. The non-profit leases the existing City-owned buildings and the ground to developers of new buildings and manages the common areas adjacent to the City-managed streets, parking garage and public spaces.

SFRCC serves as the bridge between the public and private sector. SFRCC has the autonomy to enter into private leases with private developers and businesses. SFRCC must balance the needs of the City of Santa Fe, the community and the private entities that comprise its tenants. SFRCC has both rights and obligations to the City and its tenants, pursuant to the various lease documents.

SFRCC also serves as Project Manager and Contractor under City Professional Service Agreements for construction and repairs to City property throughout the project with $19.5 million in projects completed as of 2018.

SFRCC manages the Railyard with a staff of 3 and the support of an active and diverse board of 12 volunteers. Monthly board meetings are open to the public and annual third-party financial audits are provided to the City of Santa Fe.

100% of SFRCC’s income is derived from ground rents and event management income. No City funding is provided for operating SFRCC. Even though SFRCC is a 501(c) nonprofit, it does not undertake traditional nonprofit fundraising activities.

 

Responsibilities

Development – SFRCC was responsible for the entitlement, design and construction of the infrastructure totaling $14.7 million.  SFRCC continues to be responsible for approving all each new projects to be constructed on the lease parcels in compliance with the Master Plan.

Leasing – SFRCC prepared and negotiated all the long-term ground leases on the commercial lease parcels.  These complex documents usually have initial terms of 50 years and may include another 40 years of lease extension options.

Administration and Accounting – SFRCC maintains all the original documents, files and accounting books for the Railyard project.  An independent CPA firm keeps the formal books and another firm prepares annual financial audits which are provided to the City of Santa Fe.

Property Management – Maintenance of certain portions of the Railyard common areas is performed by service firms under contract to SFRCC.  SFRCC primarily provides waste removal and maintains the sidewalks and some landscaped areas, while the City of Santa Fe maintains the Railyard Park, Conservation Easement areas and all the streets and parking facilities.

Subleasing – Throughout the life of the ground lease, SFRCC has the right to approve each sublease tenant occupying any building in the Railyard.  This right is intended to ensure the uses and tenancy in the Railyard are consistent with the Master Plan, which favors local businesses over national chain stores.  However, SFRCC does not approve any residential tenants or residential condo owners.

Public Use Management – Through its agreement with the City of Santa Fe, SFRCC manages all events and vending on the public spaces in the Railyard.  Permitting, fee collection, insurance and liability releases are required for all public events not held inside one of the buildings.  In 2018, SFRCC managed approximately 70 public events in addition to licensing the weekly Farmers and Artists Markets in the public spaces.