The city council in Santa Fe, N.M., voted Wednesday night to raise $30 million to buy the campus of the defunct College of Santa Fe and lease it to Laureate Education for an arts school set to open this fall, The Sante Fe New Mexican reported. State and local officials in New Mexico had contemplated using public money to keep the private College of Santa Fe alive, but under the plan approved Wednesday, Laureate, a for-profit company that operates campuses domestically and internationally, would use the name but create an independent arts school on the campus, with discounts for local students.