Title
Introduction of Incorporated County Of Los Alamos Ordinance No. 766 An Ordinance Approving A Metropolitan Redevelopment Act Project, Including Public Assistance In The Form Of A Project Grant, And Metropolitan Redevelopment Act Development Agreement For VE Holdings NM, LLC, A Domestic Limited Liability Company Registered To Do Business In New Mexico
Recommended Action
I introduce, without prejudice, Incorporated County of Los Alamos Ordinance No. 766 an ordinance approving a Metropolitan Redevelopment Act project, including public assistance in the form of a project grant, and Metropolitan Redevelopment Act development agreement for VE Holdings NM, LLC, a domestic limited liability company registered to do business in New Mexico; and ask staff to assure that it is published as provided in the County Charter.
County Manager's Recommendation
The County Manager recommends that Council introduce this Ordinance.
Body
The purpose of this item is to consider an introduction of a Development Agreement ordinance.
An MRA application was submitted by VE Holdings on July 11, 2026. Staff worked collaboratively with the developer team to clarify the project scope and public financial request and to develop the proposed MRA Development Agreement.
The proposed project will be located at 116 and 118 State Road 4 in White Rock, New Mexico. The project is a remodel of an exterior of an existing building to expand services available to the community. The total estimated project construction cost is $3,299,533. The estimated total construction cost is $2,410,717.
The requested County fiscal participation from the Economic Development Fund totals $596,413.6 in the form of an MRA grant.
The redevelopment project is estimated to generate $692,297 in taxable construction activity, with additional gross receipts tax revenue anticipated from food and beverage sales over the four-year term of the Development Agreement. Additionally, the project is anticipated to create eight (8) new full-time-equivalent (FTE) job.
Proposed Public Hearing Schedule: December 8, 2026.
Fiscal and Staff Impact/Planned Item
There is adequate fund balance within the Economic Development Fund for this MRA project. There will be no staff impact outside of contract management.
Attachments
A - Incorporated County Los Alamos Ordinance No. 766
B - Los Alamos County Plan Alignment Analysis