More news about the Orion Center from the Albuquerque Journal today. The city administration and Theia Group have come to a land lease and development agreement to build the project. The City Council will need to approve the agreement.
https://www.abqjournal.com/2376258/s...pus-lease.html
Quote:
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The pending ground lease and development agreement requires Theia Group Inc. to develop the entire site in the next decade, including at least 48 acres by 2025, according to documents Mayor Tim Keller sent this week to the Albuquerque City Council. Failure to meet the development timelines would allow the city to reclaim undeveloped land.
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Quote:
The agreement between Theia and the city could span 50 years — 30 years to start, with two possible 10-year extensions.
Theia Group has agreed to pay the city $1 million on the agreement’s commencement date — expected to be June 1 — and another $1 million a year later, according to the mayor’s correspondence.
In 2025, annual rent would rise to $1.2 million. It would increase by 2% yearly until 2030, at which time an appraisal would set payments.
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The story also reveals that the company will seek incentives and public assistance to build the project, though it is not yet known which kind or the amounts. I imagine it will include IRBs and LEDA funding.
The state legislature just wrapped up its special session where it passed an increase in LEDA funding for large economic development projects over $350 million like the Orion Center. During the special session it was revealed that there are currently three economic development projects in the works actively negotiating agreements with the state that would meet the threshold, but they were not named.
https://www.abqjournal.com/2375418/l...-nm-house.html