We welcome the settlement, and we look forward to an intensive campaign of construction work that will finally see the completion of the needed foundation that will allow the Gateway project to reach its full potential.
In a related matter, it's unfortunate to hear Los Alamos Land Co. is having such a hard time economically, what with a reported $22 million in debts and no income.
Far be it for us to speculate as to the reasons for such a precarious position. Los Alamos principal Thomas Nassif thinks the company will be better off once the county gets the settlement money and quickly finishes the infrastructure work, as Los Alamos must sell land in the Gateway area to make ends meet.
We hope whatever time it takes for Los Alamos to see a positive revenue stream is short, as $8.36 million of its debt is owed in the form of Mello-Roos infrastructure bonds guaranteed by the county. Though the county would end up owning some of the land in the Mello-Roos district if Los Alamos were to default, we'd prefer to see Los Alamos succeed and not have the county put in a position of trying its hand at activities best left to the private sector.
Adding to Los Alamos's woes is a recent court ruling allowing the withdrawal of an attorney who was representing Los Alamos in its lawsuit against the county. The law firm withdrew because Los Alamos has not been paying its legal bills.
Perhaps with the $2.8 million slated for infrastructure work, it's time for Los Alamos to drop its suit against the county and for all parties to move forward on the goal of developing the Gateway project and the dream of thousands of new jobs.