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BernCo Approves Incentives for Downtown Commercial Development, Including Grocery Store

Project creates 62 full-time jobs, plus 150 construction jobs

Bernalillo County – The Bernalillo County Commission this evening gave initial approval to consider an $11.3 million industrial revenue bond package that will help make a new downtown development, including a grocery store, a reality. The board unanimously approved the incentives for UR 205 Silver, LLC, which is developing a vacant lot at 205 Silver Ave. S.W., near Silver and 2nd Street.

Project plans include a 74-unit multifamily apartment complex, and 22,000 square feet of mixed-use commercial space anchored by an 11,555 square-foot grocery store.

The project would create 62 full-time jobs and 150 temporary construction jobs.

“The Bernalillo County Commission is proud to partner with the business community to create jobs and spur economic activity in Central New Mexico,” Commissioner Art De La Cruz says. “We’re doing our part to create jobs in this community.”

Taxpayers will not finance the bonds. Private investors will finance the bonds, which will be used to construct the building. The bonds allow the developer to abate certain taxes.

“We greatly appreciate Bernalillo County’s partnership, and we’re pleased to be helping in the revitalization of Downtown Albuquerque with this much-needed project,” project developer David Silverman says.

Construction is scheduled to begin in the 4th quarter of 2014. New details on the project include a parking garage and more workforce housing units.

The total project cost is $18.5 million. The industrial revenue bond package will be scheduled for final approval by the board in 2014.