Rep. Ben Rodefer Guest Blog on News that SunCal is Facing Foreclosure

This is a guest blog by State Rep. Benjamin Rodefer (D-Corrales 23).

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.

Hopefully much more sensible opportunities for economic development and good jobs creation will come New Mexico's way, allowing us to more wisely invest our limited funds, and better support our people and our economy.

It was a true David vs. Goliath victory back in January to have stopped this taxpayer swindle. It was an improbable victory considering the strong support from the executive and legislative leadership, as well as the innumerable high-paid lobbyists working the Roundhouse on Suncal's huge dollar.

Remember this is the same company that spent hundreds of thousands of dollars in campaign contributions trying to buy the votes needed to pass their taxpayer giveaway.

This week's news further vindicates the hard work done by so many to protect New Mexico from such an egregious and possibly fraudulent misuse of tax dollars.

This week's news further illustrates the real difference each of us can make in building a better future for New Mexico.

As a state we face immense challenges, but today is a day we can all breath a sigh of relief. We avoided a monumental financial blunder, one we would have been paying for well through this century.

This is a guest blog by Rep. Benjamin Rodefer of Corrales. To submit a piece for consideration as a guest blog, contact me by clicking on the Email Me link on the upper left-hand corner of the page.