The Las Cruces City Council has approved a resolution declaring its intent to form the Royal Crossing Tax Increment Development District (TIDD) for the property at 2700 N. Main St. The council adopted the resolution at its regularly scheduled meeting on Monday, July 6, 2020.
The council’s action now makes the TIDD application available for public review. Also, a public comment period will be conducted from July 7, 2020, to August 10, 2020. A public hearing regarding the TIDD application will be conducted at the August 17, 2020, City Council meeting.
The council packet information regarding the Royal Crossing TIDD can be found here.
The TIDD application is for the property at 2700 N. Main St., where the former Las Cruces Country Club was located.
The council’s intent to form the TIDD does not commit it for approval. A council vote on the proposed TIDD could happen at its August 17 meeting.
The City of Las Cruces Economic Development Department has been working with LC Nova, LLC, the project’s developer, for the past year on the potential to create a TIDD to promote the development of the property. This area was covered as part of the Apodaca Blueprint, which was completed by Community Development and adopted by City Council in July 2018. In December 2019, City Council passed Resolution No. 20-069 to establish guidelines for the use of TIDDs for financing the economic development of underutilized areas of the City.
This area is also in a designated federal Opportunity Zone, which means Gov. Michelle Lujan Grisham designated it as an area in need of development.
TIDDs can be used to construct, operate, and maintain public infrastructure in support of development. TIDDs establish a baseline property and gross receipts tax (GRT) base. As development occurs, increasing the property and GRT amounts in a TIDD, a portion of the increment is reinvested into the district to continue and support development. Council further requested that the Development consider any taxes about the base be used in other infrastructure adjacent to the property, such as for Solano, Madrid, Villa Mora Dam, or affordable housing.
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