ALBUQUERQUE, N.M (11/13/13)--New Mexico Educators FCU helped the University of New Mexico become one multimillion-dollar step closer toward opening a high tech research and business development center in downtown Albuquerque, N.M.
The credit union gave $3 million to the university's "Innovate ABQ" project. It is the first private financial commitment, the largest single donation, and the credit union's largest one-time gift to date (Albuquerque Journal Nov. 11).
The gift "is a long-term investment" that will bring significant returns to the community and credit union members "many times over in terms of improved opportunities and lifestyles in Albuquerque," New Mexico Educators FCU President/CEO Terry Laudick said, hailing the university's attempts to bring the public and private sectors together to "redefine" the state's economic landscape. He noted that this is what the credit union is chartered to do as a nonprofit cooperative--bring community resources together for the greater good.
The University of New Mexico Foundation is administering the donation, and has created a dedicated fund to allow more private sector and individual donations.
Before the credit union's $3 million donation, the city of Albuquerque committed a $2 million bond, which was approved by voters in October. The university is also expecting to receive a $1.5 million grant from the U.S. Economic Development Administration.
The gift appears to guarantee that the project will go beyond the drawing board, said the Journal. The University is keen on purchasing a seven-acre site, currently occupied by First Baptist Church, with an appraised value of $6.6 million--which the university, by law, has to pay.