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BernCo Commission Approves Winrock Bonds

02/17/2020

The Bernalillo County Commission approved the refinancing of bonds for Winrock shopping center and a second round of bonds to be offered to investors.

Winrock was designated a Tax Increment Development District (TIDD) in 2008. By law, the Winrock TIDD retains a percentage of the sales tax charged on goods purchased at Winrock stores to repay bond investment. (See attachment.)

In this new approval, portions of the senior lien series bonds, or original bonds issued, will be refinanced. This refinance totals about $43 million and will refinance the 2015 series bonds at a lower interest rate, creating an interest savings of approximately 6%.

The remaining portion of the proceeds of the senior lien series bonds, totaling about $37 million, and a new series of subordinate bonds, totaling approximately $7 million to be used for safety, environmental improvements and community betterment as follows:

  • A four level parking garage on the east side of the Dillard’s Women’s Store
  • Reimbursement for past design costs for walkways and a portion of the community park access road
  • Design and construction of a main entrance north of BJ’s restaurant
  • Design and construction of the community park
  • Remaining funds to be allocated to a water treatment plant, water reuse lines, landscape/streetscape, lighting, and internal roads

“Winrock continues to be a viable retail space in our city,” says District 3 Commissioner James Collie. “And through the TIDD designation, residents are getting more and better stores and the shopping area is benefiting by way of more shopping dollars being spent.”

The Legislative Finance Committee, New Mexico Finance Authority, City Debt Committee, City Finance and Government Operations Committee, and City Council have all approved the issuance of the bonds.

The commission approved the bonds on a unanimous, 5 to 0 vote.

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