Revenue Needed For UNM Projects; University estimates commercial developments to pay for $29 million in plans

The $2.1 million that UNM officials estimate would be generated yearly from a retirement community on the North Golf Course would finance other university construction projects.

UNM plans to issue about $160 million in revenue bonds to finance a number of capital projects. Most of those projects would generate revenue to pay for themselves, but about $29 million worth are to be paid with revenue from commercial development.

Andrew Cullen, an associate UNM vice president working on the golf course project, said the alternative to revenues from the retirement center would be state funding or tuition increases, neither of which is likely.

He acknowledged that getting into the development business is a new initiative for UNM. Regents recently formed the nonprofit Lobo Development Corp. to oversee development projects. University officials will run the corporation.

Other properties they're looking to develop are: along Lomas from the freeway to University; the area near the UNM Science and Technology Park; land near the Pit; areas along Central from Girard to Stanford; and the northwest corner of Central and University.

"It's just a realization that the state of New Mexico and the competing needs on state dollars is significant," Cullen said. "We realized two years ago that we need to go ahead and diversify our revenue streams to compete in higher ed and on a national level."

He said universities across the nation are doing this.

The projects that would be funded primarily by retirement community revenues would be: Hodgin Hall renovation; classroom modernization; interdisciplinary film and digital media facility; the Robert Wood Johnson Health Policy Center; Jonson Gallery renovation; the College of Education facility, phase two; south campus student success center renovation; Tamarind Institute renovation; main campus student success & health center; biology addition, phase two; and campus signs.