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A unique partnership
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The development of Mesa del Sol is a unique partnership between Forest City Covington, NM LLC, the University of New Mexico (UNM) and the State of New Mexico through the State Land Office (SLO).
Because the goal of the State Land Office is to increase value and income for New Mexico’s public school beneficiaries, in awarding the bid to Forest City, the SLO negotiated an agreement whereby the SLO will receive future income from Mesa del Sol in addition to the 100 percent proceeds of the original land value sale. The SLO will receive 14 percent of the increased value of the land created, risk free, by Forest City Covington’s efforts and investments, in addition to receiving rent for the land from Forest City Covington.
UNM will also derive future income from Mesa del Sol, receiving, again risk free, 15 percent of the net profits of this development entity. UNM is also providing technical support to the project and is collaborating on economic development initiatives.
In another move to further cement the partnership; the UNM Foundation has established the Mesa del Sol Endowed Professorship in Film and Media. The professorship was started with a $750,000 endowment from Forest City Covington. The Department Chair will lead a multi-disciplinary program in Film and Digital Media at the UNM, which will draw students from fine arts, engineering, arts and sciences, and other disciplines, allowing them to work in collaborative, real-world work teams. |
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