US (NM): Lynn Stockwell to begin redevelopment of Sunnyland Farms
Taxes had accrued while the facility was closed for more than ten years after a fire destroyed much of Sunnyland Farms in 2003, forcing the company into Chapter 11 reorganization. $220,000 is the first of two annual payments, totaling $440,000, agreed to in a settlement between Lynn Stockwell and the County of Cibola. It brings substantial revenue to the County and enables Stockwell to begin redevelopment of the 100,000 square meter greenhouse facility, which will create new jobs for local residents.
“The climate here is outstanding for greenhouse operations and this facility has great potential,” said Stockwell. “The upgraded greenhouse will bring good paying jobs to Grants, and I’d like to begin operations as soon as possible.”
In addition to construction jobs created during renovation, the greenhouse facility will employ 30 to 40 people when it first opens, and up to 100 long-term. Now that the taxes have been paid, Stockwell can focus on finalizing plans for renovation and operation of the facility.
“We foresee that the best use of the greenhouse will be to produce seedlings for medicinal plants,” said Stockwell, who is majority shareholder of the Bright Green Group of Companies that specialize in medicinal plants. “The medicinal plant market is fast-growing and has tremendous potential to boost the local economy.”
Stockwell is considering allocating about $10 million in new capital for the development of a medicinal seeding operation at the Grants facility. This would require licensing from the State of New Mexico as well as cooperation from both Cibola County and Grants prior to any new investment in the facility.
“We have a shared goal with the city, county and state to bring more business to the region,” said Stockwell. “I’m looking forward to working with government leaders at each level to achieve this goal that will benefit everyone.”
For more information:
Bright Green Group
(505) 552-2021
www.brightgreengroup.com