The original loan was for nearly $600,000 principal and was to be used for road construction, to renovate a building and to expand the fire station.
The city was given a metal building that could be used as a fire-truck bay, therefore the fire station expansion was not necessary.
Not all the money was expended within the required timeframe and the City has gotten permission from NMFA to use the money for more road work. About $260,000 principal is left.
The NMFA wrongly stated the remainder could be used to reconstruct part of Warm Springs Boulevard. Mayor Edna Trager said she corrected the error with NMFA and the approving resolution now states the money can be used for road construction.
The Warm Springs Boulevard project is not shovel-ready, Mayor Pro-Tem Kim Skinner said, and the money must be expended by June 2020. Therefore Camino Cinco will be fixed.