I have not seen any discussion of the current financial state of the city, unfunded liabilities to employee unions, cash flow, current debt owed and when it matures, compared to probable revenues and current cash balances. 

Without even a minor discussion of the above, and the noted inability of any city council member to offer more than "I hope tourism picks up and the economy gets better" for a statement of economic savvy or plan, any further issuance of debt by the city is a negligent act. 

The current mayor and council members will not be around if/when the city hits the wall, and their pensions/healthcare, as such, will be a demand they can fulfill before any spending by the city on services to citizens.  Look at Stockton CA.  That's what happens when nobody will look further ahead than the next union contract or election. 

Santa Fe is a unique community, and I like a lot about it.  However, it is unlikely to suddenly brew up an internet company, a large manufacturing op or a huge call center.  Goldman Sachs is expanding their office in Salt Lake City by a bunch, because it gets them more people for a lot less money than in NYC.  Goldman wouldn't consider Santa Fe (I think that is to the long term benefit of Santa Fe), for its relative isolation.  My point is that sudden manna from the sky, like the Facebook windfall to CA state, isn't likely to happen in SF. 

Santa Fe may wish to change its dependence on tourism, but this is a sea change for a community, and SF may not have "feeders", such as universities, for the people to power a particular initiative.   Santa Fe would be impossible for my business to relocate to.  The access to transportation resources, raw materials and other vendors, clients, isn't there.  I dislike where we are, there are alternatives, but SF is not close.

My point is not that SF can't diversify, but the expectation that it will be easy or quick are happy to talk about and very hard to pull off. 

Nay on more debt, regardless of worthy goals to spend the money on.