Developer agrees with repeal of ordinances

August 19, 2010

Coast Range Investments, the company wanting to build the 20,000-home Rancho Cielo development west of Los Chavez, told the Belen City Council on Monday night that he agrees the city council should repeal two ordinances that are tying up nearly $3 million in economic development money.

Discussion about repealing the two ordinances and terminating two other agreements related to the development came up during a city council meeting in late July. During that meeting, Councilor Jerah R. Cordova recommended repealing the two ordinances and terminating one of the two agreements.

Jim Wood of Coast Range Investments said because the two ordinances link the money directly to Signet Solar, which no longer has an interest in building in Belen, he would be fine with the two ordinances being repealed. Repealing the ordinances frees up $3 million in a legislative appropriate that can be used for “a solar project” in Belen.

Wood, however, urged the city council and the New Mexico Department of Transportation (NMDOT) to leave the other agreement in place. That agreement lays out the responsibilities of the city, NMDOT and New Mexico Development Partners (also known as Coast Range Investments) for the North Belen Interchange improvements.

Construction on the North Belen interchange halted earlier this summer because the project ran out of funding after New Mexico Development Partners failed to place its portion of the project’s funding in escrow.

Tamara Haas, an NMDOT district engineer, said regardless of what the city does with the North Belen interchange agreement, NMDOT considers the agreement to have concluded. She said NMDOT will seek a new agreement with New Mexico Development Partners should the developer come up with the money to complete the interchange.

Wood reiterated to the city council on Monday night that New Mexico Development Partners is committed to completing the interchange project.

Posted in: Rancho Cielo