Title
Incorporated County Of Los Alamos Ordinance No. 761, As Amended, An Ordinance Adopting A Local Economic Development Project For Public Support Of 1735 Central Investment LLC, A Domestic Limited Liability Company And Qualified To Conduct Business In The State Of New Mexico
Recommended Action
I move that Council adopt Incorporated County of Los Alamos Ordinance No. 761 as amended; An Ordinance Adopting A Local Economic Development Project For Public Support Of 1735 Central Investment LLC, A Domestic Limited Liability Company Qualified To Conduct Business In The State Of 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 adopt this Ordinance as amended.
Body
Ordinance No. 761 was introduced at the Council Meeting on September 22, 2026 for the Local Economic Development Project referred to as the 1735 Central Investment Redevelopment Project. The 1735 Central Investments Redevelopment Project is a proposed $18 million redevelopment of the former CB Fox Building at 1735 Central Avenue. Central Investments is a partnership comprised of local resident Phil Gursky, commercial realtor Jyl De Haven, property owner Matt Miles, and Chicago-based Steve Miszkowicz and Josh Silverman. An initial LEDA application was submitted on December 31, 2025, and a participation agreement was subsequently drafted collaboratively by Central Investments and Los Alamos County.
The project would create small retail spaces, a commercial kitchen and food court, and a 20-room boutique hotel with a rooftop bar. The market-rate development would primarily use electricity and pursue C-PACE financing for energy-efficiency improvements, while retaining natural gas for the commercial kitchen.
Central Investments is requesting $6 million from the County’s Economic Development Fund: a $4 million grant and a $2 million, ten-year, zero-interest loan, with repayment beginning in year four.
Over the ten-year agreement, the project is estimated to generate more than $4.27 million in construction and operational gross receipts and lodgers’ tax revenues and create 25 full-time-equivalent jobs, while increasing downtown retail, dining, lodging, and entertainment activity.
At the public hearing held on October 27, 2026, Council took action to amend the terms of the 1735 Central Investments Redevelopment Project as follows:
- Change “at least six full-time equivalent jobs (FTE)” to “at least 25 full-time equivalent jobs (FTE)” in Ordinance Section 3.d
- Change “at least six full-time equivalent jobs” to “at least 25 full-time equivalent jobs” in PPA Section C.4
- Add “25” to the last line of table in Section 4 of Project Participation Agreement
- Change “December 31, 2028” to “June 30, 2029” in Section 1.b.ii.A
- Change other dates throughout the document for consistency,
and bring the amended ordinance to the November 17, 2026, Council meeting for possible adoption.
In accordance with the County Charter Section 203.2.3, if Council approves the amendments to the Ordinance, it may not adopt them until they have been considered by continuance of the meeting or at a future meeting not less than seven (7) days after the initial meeting. Council is being requested to approve the Amended Ordinance, as shown in Attachment G, to be considered and voted upon at the November 17th Council regular session.
Fiscal and Staff Impact/Planned Item
There is adequate fund balance within the Economic Development Fund for this LEDA project. There will be no staff impact outside of contract management.
Attachments
A - Incorporated County Los Alamos Ordinance No. 761
B - Publication Notice
C - Draft Minutes from County Council Regular session on October 27, 2026
D - Presentation Slides
E - CB Fox Public Benefit Evaluation
F - Slide of Amendments to Ord. 761
G - Incorporated County Los Alamos Ordinance No. 761, as amended