ROSWELL NEW MEXICO
AGENDA ITEM ABSTRACT
AGENDA ITEM ABSTRACT
Item No. 23.
Regular City Council Meeting
- Meeting Date:
- 06/11/2026
COMMITTEE:
Legal
CONTACT:
C. Josh Nairn-Mahan
CHAIR:
Will Cavin
ACTION REQUESTED:
Proposed Ordinance 26-05 – Authorize to advertise for a public hearing on proposed Ordinance 26-05: An Ordinance authorizing the issuance of Industrial Revenue Bonds (Gallagher Solar LLC Project) and Execution Bond Purchase Agreement, Indenture, Lease, and Sublease. (Cavin/Yntema)
BACKGROUND:
Initiated by: Hessel Yntema IV
Gallagher Solar LLC seeks to develop a 2.70-megawatt (AC) community solar energy facility on two parcels of land (4-137-062-173-063-000000; 4-137-062-189-117-000000), also known as "Lots One and Two (1 & 2) of Gallagher Summary Replat," located at 1612 E 2nd St, Roswell, NM 88201 (The "Property"). The Project was granted a Conditional Use Permit under Zoning Case CUP-25-0046. The Applicant intends to develop all the property with a community solar energy facility. Community solar is a relatively new feature in New Mexico that allows local residents to receive a direct benefit by subscribing to receive credits, which lowers their electricity bills. The 2.70-megawatt system is sufficient to provide credits to approximately 600 homes in Xcel. This facility will produce an electric energy power generation facility under the "Community Solar Act," for use by the Company, which will constitute an industrial development project. The County has already been contacted and is not opposed to the issuance of this IRB. The Governing Body approved the IRB's inducement resolution in March 2026.
FINANCIAL CONSIDERATION
Fiscal Impact - The City will see increased payments over the 15-year life of the project, as well as the schools.
LEGAL REVIEW:
Legally Sufficient.
BOARD AND COMMITTEE ACTION:
At its meeting on May 28, 2026, the Legal Committee recommended a 4-1 approval to present to the full City Council.
STAFF RECOMMENDATION:
City management believes that this is a project that will increase revenue for the City both in the short and long term.
Attachments
- Ordinance 26-05: IRB & Execution Bond Purchase Agreement, of Indenture, Lease, and Sublease
- Lease Agreement
- Indenture
- Bond Purchase Agreement
- Sublease Agreement