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Santa Fe County and Santa Fe Studios announce full payment of the loan Santa Fe County extended to the Studios for its land purchase in 2010. The final payment of $2,177,135.01 was delivered by Santa Fe Studios to the County Treasurer today. 

The land sale provided a significant return to Santa Fe County. The $2,620,000 sale price was the original appraised value of the property, prior to the real property market downturn.  In addition, the interest rate on the loan was 5%, which is well above the rate the County has been able to earn on its investments recently. In total Santa Fe Studios paid Santa Fe County $3,452,698.40 under the land purchase promissory note. 

Katherine Miller said, “Signing the forbearance agreement in February, which allowed the Studios the necessary time to repay the County in full, has proved to be a good investment by the Board of County Commissioners.”  She continued, “This summer and fall are on track to be a record season for film and television production in the Santa Fe region, with over five projects currently in production and more on the way.  Together they are expected to bring tens of millions of dollars in new spending to the local economy, create hundreds of local jobs, support dozens of our local businesses and bring in significant tax revenues to local government, all while showcasing our stunning scenery and exceptional communities.  Media production is becoming an increasingly important segment of the region’s economy, which simply would not have been possible without the presence of the Studios.  We are pleased to see an overall positive return on this investment."

“The County has been an ideal partner over the course of the development, launch and subsequent operation of Santa Fe Studios,” said Lance Hool, CEO of the Studios. “We worked through differences, with the resolution being a result that benefited all parties.  We believe that film and TV production will continue to grow in New Mexico.”

About Santa Fe Studios

Phase One of Santa Fe Studios opened in late 2011 featuring world class soundstages including two 19,275 sq-ft. stages, 25,000 sq-ft. of production offices, a 4,600 sq-ft. mill, complete onsite production services, 57 acres open for back-lot, and ultra broadband capacity.  Designed and built by film professionals for film professionals, Santa Fe Studios has hosted over ten major Hollywood productions including The Magnificent 7, We’re the Millers, A Million Ways to Die in the Westand The Ridiculous Six.  It has acted as the production facility for a number of television pilots – signaling not only positive growth for the Studios and other local production partners, but also growing awareness of Santa Fe as an attractive destination location for industry leaders such as NBC Universal, FOX, Netflix, Amazon, and CBS. Most recently, the Emmy-award winning television series Cosmos: A SpaceTime Odyssey, was filmed at the Studios. 

For more information about the Studios, visit www.santafestudios.com.