Albuquerque Garage Operator Defaults on Lease Payments

Williamson, Richard
April 2003
Bond Buyer;4/22/2003, Vol. 344 Issue 31619, p32
Trade Publication
The private operator of a downtown parking garage built with Albuquerque, New Mexico revenue bonds has defaulted on its lease payments, leaving the city without any income from its$7.2 million investment, which was financed by revenue bonds.A group of investors in Parking Company of Albuquerque LLC notified the city that it would not make its first lease payment of $120,000 due last month.The bonds, backed by Albuquerque's share of the state gross receipts tax, rather than revenue from the garages themselves, carried insurance from MBIA Insurance Corp.Investors in the garage that defaulted on the lease said abundant free parking nearby has proven disastrous and that a lack of business at the Albuquerque Convention Center has also hurt.


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