In late 2009, the City Council approved the creation of a Tax Increment Development District (TIDD) for a project called The Village at Rio Rancho to be located off of Unser Boulevard adjacent to the Cabezon subdivision.
The Village will be modeled after ABQ Uptown – set in an outdoor, urban street environment. There will be retail, office and hotel space designed for The Village as well as a movie theater.
The project will be built in phases with Phase 1 creating hundreds of construction jobs and permanent jobs once the project is complete. Phase 1 alone will be 455,000 square feet of space at a cost of more than $100 million.
A TIDD issues bonds to finance public infrastructure improvements (streets, water, wastewater, drainage). The TIDD bonds are secured by a dedication of certain municipal, county, and/or state-shared gross receipts tax that are generated in the TIDD. The length of time and amount of gross receipts tax dedication that occurs varies by individual TIDDs.
1. Recorded Development Agreement (Searchable PDF)
2. Feasibility Study (Searchable PDF)
3. Operating Plan (Searchable PDF)
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