Loma Colorado Development
In the fall of 2007, the Rio Rancho Governing Body approved a Gross Receipts Investment Policy (GRIP) ordinance for the Loma Colorado Development project which consists of construction of 351,000 square feet of retail space on 47 acres of property located at the intersection of Northern Boulevard and 40th Street.
the ordinance (searchable PDF).
The first retail business to open as part of the project was Lowe's in the fall of 2008.
When a GRIP is approved, a developer/retailer pays for the cost of public infrastructure improvements (roads, drainage, water and wastewater lines, etc.) for a project, and in return the city refunds a percentage of the yearly applicable gross receipts tax revenues it receives that are directly attributed to the retail sales of the project/business back to the developer up to a maximum number of years.
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