Statement by New Mexico State Representative, Ben Rodefer, regarding SunCal facing foreclosure, December 22, 2009
I'm writing in response to a recent AP article reporting that lenders filed a foreclosure lawsuit against SunCal Cos. in state court in New Mexico last week to collect more than $180 million in outstanding loans the developer used to finance a property purchase on Albuquerque's West Side from Atrisco Land Grant heirs.
New Mexico nearly, within one vote, entered into a 40-50 year financial partnership with this company, one that would have diverted over a billion dollars from the state's general fund. This company was never financially stable nor sound. It was always my strong belief that passing the Suncal TIDD would cause significant and long term damage to our state, its finances, and our ability to provide the very fundamental services our people deserve.