Title
Incorporated County of Los Alamos Ordinance No. 760; An Ordinance Adopting A Local Economic Development Project For Public Support Of VE Holdings NM LLC, A Domestic Limited Liability Company Qualified To Conduct Business In The State Of New Mexico
Recommended Action
I move that Council adopt Incorporated County of Los Alamos Ordinance No. 760; An Ordinance Adopting A Local Economic Development Project For Public Support Of VE Holdings Nm 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.
Body
The Rock is a proposed redevelopment project at 116 and 118 State Road 4 in White Rock, (aka the former Time Out Pizza building).
VE Holdings NM LLC is owned by local residents Janet Lovato and Timoteo Martinez. The project would renovate the former Time Out Pizza building to accommodate a sports bar, a frozen yogurt shop, a laundromat, and related infrastructure for food trucks and electric vehicle charging stations. The estimated construction cost is approximately $1.2 million, with the total project cost exceeding $2.1 million. The County’s public assistance would not restrict market-rate sales or rents or require the development to be an all-electric building.
VE Holdings is requesting $868,000 from the County’s Economic Development Fund in the form of a ten-year, zero-interest loan. Following a 24-month payment deferral, the loan would be repaid through monthly payments in the amount of $9,041.67 with the final payment being $9,041.35 per the terms of the Project Participation Agreement, the Promissory Note, and the Mortgage. The County will hold a first-priority lien on two properties located at 118 State Road 4 and 116 State Road 4 which provides the security required by N.M. Stat. Ann. Section 5-10-10 (c) of the Local Economic Deve...
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