Rio Rancho Council to vote on Green2V agreements

On April 13 2010, The Rio Rancho City Council will vote on a slew of ordinances pertaining to the city’s announcement last week that Green2V, a solar energy company, is setting up shop in the City of Vision.

On the agenda for councilors to consider is a project participation agreement between the city and Green2V. The company plans to build a one-million-square-foot facility on 124 acres north of Paseo del Volcan at 40th Street, next to Cleveland High School. If all goes according to plan, the company will break ground this summer.

The project participation agreement includes city incentives to Green2V, including a fast-track plan and building permit process, city investment in infrastructure for the building, including roads, street lights, sewer and drainage. In exchange for the company’s promise to have a payroll of $64 million by 2014, the city agrees to waive impact fees, expedited facility inspections, aid in helping Green2V to apply for state tax incentives and purchasing 124 acres of land from the state on behalf of Green 2V for $6.8 million. The city will purchase the property and immediately sell it to Green2V.

The council also will discuss an industrial revenue bond inducement resolution that would direct the city to issue as much as $500 million in IRBs to be used for land acquisition, construction of facilities and purchase of equipment for Green2V’s corporate headquarters, research and development and manufacturing operations in Rio Rancho. Private firm GP3 of Los Angeles, an investor for Green2V, has committed to purchasing the first round of industrial revenue bonds from the city.

 

 

As seen in the Rio Rancho Observer