Belen approves assistance agreement with Signet

December 08, 2009

The Belen City Council last night approved a $3-million project assistance agreement with a solar manufacturer and land developer, money the city is committing for infrastructure.

Signet Solar plans to build a 75-acre, multimillion dollar manufacturing facility for commercial photovoltaic technology in what’s referred to as the Belen Energy Hub, an industrial park within the Rancho Cielo housing, commercial and industrial development.

The financial assistance is coming from the state. The city council accepted the $3 million from the state in October and last night formally committed the money to Signet Solar and New Mexico Development Partners, LP, also called Rancho Cielo.

“The $3 million the state will be issuing will be for the build-out of infrastructure to the 80-acre site where Signet Solar will be located,” said Claudette Riley, the executive director of the Greater Belen Economic Development Corporation, who has worked on the agreement.

The money, however, might not be available for the development because of the state’s budget deficit.

“I think all state funding right now is in jeopardy,” Riley said.

She said the New Mexico Economic Development Department has advised her to continue going through the steps as if the money is secure.

“We’re still moving through with this as if the funding is there, and if they pull it, they pull it,” she said.

The city wouldn’t be at fault, under the terms of the contract, should the state pull the funding.

Michael Castillo, who’s working to develop Rancho Cielo, suggested Signet Solar could move forward without the funding.

“It would make it more difficult. It would make it more difficult if the funding wasn’t there,” he said.

“Just like any project that comes through the state, this is one of the biggest incentives offered to locate here in New Mexico,” Riley added.

Road crews have begun readying major improvements to the North Belen interchange that will allow access to the west side of Interstate 25, where the industrial park and Rancho Cielo will be located. Construction is expected to begin next month.

“We’re working very hard to make this project happen. We’ll continue to do so,” Castillo said. “Personally, and in addition to the excellent football team and putting Belen on the map in terms of athletics and city spirit, I’m hoping we can also do that from an economic point of view.”

Posted in: Contracts Economy Infrastructure Rancho Cielo