Gov. Bill Richardson said Friday at a College of Santa Fe news conference that as much as $11 million may be available to help with public acquisition of the campus and operation of a new institution.

The governor said $5 million could come from the state's General Service Department. The Legislature authorized funds for land acquisition by that agency, but lawmakers would need to reauthorize the funds for use toward a purchase of land owned by the private college.

Another $4 million, the governor said, would come from federal economic-stimulus funds that are subject to the governor's discretion.

Richardson also said that up to $2 million could come from a federal agency, which he declined to identify. However, during meetings of a College of Santa Fe task force appointed by the governor, officials mentioned the Economic Development Administration might be willing to help in the effort to buy the property.

Although the debt-laden private college is scheduled to close later this month and some members of the college community have started making other plans, Richardson said Friday, "If all goes as planned, the College of Santa Fe will reopen in the fall much as it is today."

He warned that it was "not a total done deal" and said the state will work with the city of Santa Fe and Laureate Education Inc. — a for-profit group that has been in talks with the college about running an arts school for about a year — to negotiate with the college's creditors to decrease approximately $40 million in debts.

He also urged faculty, staff and students to "stick with us, hang in there, don't leave."

"We want you to put faith in this plan," Richardson said. "Will the college be open in the fall? Here's the answer: We'll do our best."

The Santa Fe City Council earlier this week authorized city administrators to begin negotiations with the college's creditors and to come up with a plan for issuing municipal revenue bonds to help with the proposed buyout.

Officials intend to use lease revenue — from Laureate and others — to help pay off bonds.

With Richardson's announcement, the city could be facing less of a financial burden if it tries to help finance a campus buyout. "This was the way I was hoping it would go," Mayor David Coss said after Friday's announcement. "I'm really grateful to the governor."

Coss said Richardson's plan could ease concerns that the city would be getting in over its head by incurring more debt.

While Coss wouldn't say exactly how much the city would be willing to pay to creditors of the college, he said he hoped it would be around 80 cents on the dollar.

Richardson's announcement comes about a month after he appointed a task force including government officials, members of the arts and education communities and others to study ways re-invent the college. The group met four times before wrapping up its work on Wednesday, when it endorsed the city's effort to help buy the campus and forwarded its work to the governor.

Contact John Sena at 986-3079 or jsena@sfnewmexican.com.