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Village at Rio Rancho Tax Increment Development District

The City Council approved on December 16, 2009 a TIDD that will allow one developer to recoup the cost of the infastructure through gross receipts tax generated by the development.  The project will cost approximately 11 million dollars to complete.

The developmet will be near the new Presbyterian Medical Center near Unser Boulevard and Black Arroyo in the southern part of the city.

The new prjoect slated to begin construction July 1st with construction of the buildings to start the first part of 2011 will consist of “a lifestyle retail project consisting of about 300,000 to 400,000 square feet, similar to the project in Albuquerque known as ABQ Uptown; the project will also feature a couple of hotels, medical office space, in the future perhaps and general office space,” Fiolea said.

An additional anchor tenat will be a 12-14 screen cinema.  For more information visit observer-online.com