Public Law 115-97, also known as the Tax Cuts and Jobs Act of 2017, provides for the governor of each state to nominate certain census tracts as “Opportunity Zones”. Designation as an Opportunity Zone allows for the creation of a new class of investment vehicle with tax advantages authorized to aggregate and deploy private investment located in Opportunity Zones. The purpose of these tax advantages is to attract capital investment into economically distressed areas.
On Friday, May 18, 2018, the Department of the Treasury designated 63 Opportunity Zones in New Mexico. New Mexico’s Opportunity Zones are located in rural, tribal and urban communities in 22 counties. Qualified Opportunity Zones retain this designation for 10 years.The entire City of Rio Communities falls under an opportunity zone.
To encourage development in NM Opportunity Zones, NMEDD is offering an incentive as a part of LEDA. New Mexico will guarantee an additional $1 million in LEDA funding to projects locating in an Opportunity Zone if they meet specific criteria:
The project must be in one of the nine key industry sectors outlined by the Governor: aerospace, biosciences, cybersecurity, film & television, global trade, intelligent manufacturing, outdoor recreation, sustainable & green energy and sustainable value-added agriculture.
Investment must create a minimum of $2.5 million dollars in annual payroll with average annual salaries greater than 2% above the county average as defined by the Bureau of Labor statistics QCEW Data; if located in Santa Fe, Albuquerque or Rio Rancho, investment must create a minimum of $3.5 million dollars in annual payroll with average annual salaries greater than 2% above the county average as defined by the Bureau of Labor statistics QCEW Data.
Must commit to a 10-year agreement.
Must have a capital investment of $10 million or higher; if located in Santa Fe, Albuquerque or Rio Rancho $15 million or higher.The project must be an expansion or out-of-state relocation.
Roadways:Interstate 25. There are 6 exit/entry points to I-25 from Rio Communities. Highway 47: Highway 47 bisects Rio Communities from northwest to southeast. It is a major conduit to neighboring Los Lunas, Bosque Farms, Peralta and 2 entry points to I-25 to the northwest. It bisects Highway 60 to the southeast, which proceeds easterly to Mountainair (onto the eastern side of New Mexico) and west to I-25. Highway 304: Highway 304 intersects Highway 47 inside Rio Communities. It proceeds southerly to Highway 60, which proceeds easterly to Mountainair (onto the eastern side of New Mexico) and west to I-25. Highway 309: Highway 309 intersects Highway 47 and proceeds east along Manzano Expressway (a beltway route connecting to Los Lunas) and west to Belen (providing 3 entry/exit points along I-25).
Bus Transit:Rio Metro: A small bus service that is increasing it’s routes to all surrounding points of interest, including stops in Belen, UNM-VC and Rail Runner service. A projected future bus stop will be Rio Communities City Hall, a park and ride destination.
Other Transport:Older American Transport: A service for older American seniors to obtain transport to needed services.
Rio Metro Valencia County:http://riometro.org/