Grant: $1,750,000 - Economic Development Administration - Jun. 23, 2009
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Award Description: ACCION New Mexico-Arizona- Colorado (ACCION) received an award of $1,750,000 from the U.S. Department of Commerce, Economic Development Administration to build its regional headquarters in the historic Sawmill District of Albuquerque, New Mexico. This unique area near Albuquerque's Old Town has easy access to the I-40 freeway, bus stops, and downtown. It was the first area of commerce in Albuquerque with sawmills and lumber processing businesses. This low-income and redevelopment area is the place where ACCION will create its headquarter office. ACCION's office building will provide a home for our entrepreneurs and will blend into the residential environment of the area. By owning our own building, ACCION is building its assets, which is critical in creating more lending dollars for loans. ACCION will also be building a training center in its headquarters to further its financial literacy and empowerment workshops. ACCION serves the small business community throughout the states of New Mexico, Arizona and Colorado. This project, however, will focus specifically on small business expansion and retention in the Albuquerque Metro area. The Albuquerque Metro region depends on the growth and development of entrepreneurs launching and running small businesses and the region will benefit as a result of this investment. Between 2009 and 2011, ACCION anticipates issuing a total of 690 loans totaling more than $7.3 million in the 4 county region of Bernalillo, Sandoval, Torrance, and Valencia. These loans will enable entrepreneurs to create and or sustain an estimated 938 jobs during a three year period. Funding from EDA allows ACCION to free up its cash for the level of lending activity that will make a significant contribution to job creation in the Albuquerque area.
Project Description: This quarter was an exciting and productive time for building ACCION's regional headquarters. The bid process for the contractor occurred with 11 contractors bidding on the project. Because of ACCION's reputation, the opportunity to work on an office space with a unique design, the chance to build in the historic Sawmill Neighborhood, and the partnership with a federal entity like Economic Development Administration, contractors came out in droves to bid. Richardson & Richardson not only had the lowest bid, but because of their reputation, their experience working with LEED certification and their commitment to serving the small business community, they were chosen as our lead contractor. ACCION will have its ground breaking ceremony on October 7 and our contractor expects to break ground at the east end of our property within two weeks of the ceremony. ACCION garnered new in-kind support for its regional headquarters. David Salman who owns High Country Gardens & Santa Fe Green House is contributing $28,000 of xeriscaped and Green certified plants for the landscape architecture design. Contract Associates Office Furniture will be contributing at least $25,000 in modular furniture for the inside of the building. Additional in-kind support for electrical units and heating and cooling hardware and software have been pledged. ACCION's building will be a traditional pueblo-style design, reflecting New Mexico's unique architecture. The lead architect, Dekker/Perich/Sabatini, has completed the initial design work. With these final architectural plans, ACCION is able to use the schematic drawings to garner more contributions of in-kind support. ACCION's headquarters will blend into the residential area of the Sawmill Community Land Trust. The neighborhood has embraced ACCION and many of their leaders will be in attendance along with New Mexico community leaders, ACCION contributors, volunteers and board members at the ground breaking ceremony.
Jobs Summary: No jobs as a direct result of the construction project have been created yet. ACCION anticipates breaking ground on construction activities October 7, 2009. (Total jobs reported: 0)
Project Status: Less Than 50% Completed
This award's data was last updated on Jun. 23, 2009. Help expand these official descriptions using the wiki below.