Rio Rancho has done some very silly things when it comes to development recently. Take the money hemorrhaging Santa Ana Star Center…please!
Now, the City is seriously considering using tax incentives known as TIDD’s to spur construction of a 12-14 screen cinema. While the need for a theater is debatable and the use of TIDD’s for this project is questionable, the real kicker for taxpayers is that, as the Journal story points out,
The resolution is contingent upon final approval from city staff and Southern Sandoval County Arroyo Flood Control Authority of a plan to realign an arroyo that bisects the property. Jimenez hopes the arroyo plan will be approved by mid-January. Work to realign and build a diversion channel for the arroyo is expected to cost about $11 million.
So, let me get this straight, taxpayers will have to subsidize this project to the tune of $11 million, not to mention the TIDDs, in order to build a movie theater and potentially (there is no guarantee here) some office space and hotels. This certainly seems like the kind of project that is destined to cause additional financial problems for Rio Rancho. Hopefully, Rio Rancho City Council decides that this $11 million realignment channel is “a bridge too far.”