FY2002 BEDI Funding Announcements - New Mexico

Carlsbad will receive $775,000 in BEDI funds and $2,015,000 in Section 108 loan funds to assist in the construction of the Carlsbad Water Park on the 35-acre Burlington Northern Santa Fe Railway brownfield site in Carlsbad. The BEDI and 108 funds will finance infrastructure and construction costs, as well as architectural and engineering fees. The BEDI funds will be provided as a grant and the Section 108 funds will be provided as a loan to the private developer of the water park. An additional $2,060,000 will be leveraged by the BEDI funds, with total project costs of $4,850,000. The City estimates the creation of 100 new jobs through the development of the water park.