Life, food, events, and community in Albuquerque, NM

SunCal - Up Front and All At Once

The NM Biz Journal parrots the promise of SunCal's new 11,500 jobs without question.

“Our investment in New Mexico so far has been more than $250 million. It would not be a stretch to suggest that SunCal has already had a positive impact on the local economy,” said SunCal Vice President David Soyka. “What we will really need to create the jobs is a demonstration to prospective employers that we can provide immediate infrastructure. To do this, we need support from lawmakers to enable tax increment financing so we can complete the needed infrastructure in a quality, right-sized way, all at once and up front.”

Times-a-wasting! Fab high tech companies are banging on the SunCal door! Infrastructure, and a little legislative TIDD love, is all we need. Giddy-up front and all at once.

Never mind that recession thingy.

To sincerely buy into this is a stretch-and-a-half and requires believing these falsehoods:

1. Real estate development is a sound primary engine for sustainable economic growth.

2. There is a strong demand for new industrial infrastructure.

3. SunCal will be successful with industrial recruitment where the well-funded efforts of State, City, County and private "economic development" offices haven't been. (So can we get rid of them now? Please?)

4. Albuquerque has no water supply issues and never will.

5. Albuquerque will defy larger economic trends. (For awhile. So hurry up.)

The Alibi coverage of City Council noted Councilor Cadigan's failed effort to require some semblance of order to SunCal sprawl - a phasing plan for the water service. This is not an unusual requirement for development of this scale - especially where a massive public infrastructure subsidy is at play.

Cadigan’s resolution said SunCal must actually build 70 percent of the homes in each phase before developing the next phase west up the hill. A water development plan previously approved by the Albuquerque Bernalillo County Water Utility Authority allows SunCal to move to the next phase of development when 70 percent of the first three phases are platted, not built.

Silly bear. That would constrain real estate speculation and land flipping - getting the next sucker to pay more for vacant land than they did.

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Comment by bg on January 10, 2009 at 9:36am: More sprawl is just what we need, headed into the worst depression evah.

Thank you for this post, Coco. We should we watching these snakes like a hawk.

Comment by bg on January 10, 2009 at 9:36am: be watching. better watch these snakes. Like. A. Hawk.

Comment by slamwagon on January 10, 2009 at 2:46pm: Great post!

Comment by Hibernia on January 10, 2009 at 3:51pm: It's nonsensical that anyone would jump on that SunCal bandwagon. And WHO is buying a home these days? People are trying to unload 'em, not buy 'em. Anywhere.

These aspirations by SunCal are vapors. And vapid. Thanks for slapping these folks around for us, Coco!

Comment by Liana on January 10, 2009 at 6:14pm: What has SunCal done to deserve being called a ‘snake?’ Seems to me they’ve been nothing but up front and transparent in what they are out to accomplish. Don’t believe me? Try reading through all the documentation they have posted at tiddfacts.com
And isn’t the West Side where we have been saying all along we wanted to locate more jobs?
Also, such a dire assessment of our economic prospects doesn’t say much for our faith in President-elect Obama, who takes office in just a few days now, does it? Fact is, ABQ’s economy has largely been spared the tanking that has occurred elsewhere in the country. And these guys just might be able to claim some credit for it.
SunCal has already injected a quarter billion dollars into our local economy. They’ve pledged a million dollars per year for a hundred years (and so far made good on that pledge) for Atrisco heritage education and preservation. And they want to front load their project with employers, rather than just cul-de-sacs.
The warm New Mexico welcome and thank-you we give them in return reminds me of the old saw, “no good deed goes unpunished.”

Comment by slamwagon on January 10, 2009 at 7:52pm: Good deed my rear-end!

Comment by shotsie on January 10, 2009 at 10:08pm: About those amazing TIDDFacts: it seems that a couple of TIDDS might be changing the rules -

For example: (from the website):
When SunCal's plans are complete, it is anticipated to increase annual sales tax revenue for the Albuquerque region by more than $1 billion - that new money can be used to hire more police and firefighters, improve our parks and libraries and lots of other priorities. Without the TIDDs, this scale of new revenue is not possible.

The Winrock TIDD is taking 70% of the sales tax revenue to develop the upscale lifestyle that this "economically depressed" area requires. Maybe we can use mall cops to patrol the nearby war zone....

Item 2:

TIDDs create new money for our schools.

Albuquerque public schools will receive nearly $5 million a year after SunCal's plans are complete. Without the TIDDs, this scale of new revenue is not possible.

According to the Journal this week, the developer of Mesa Del Sol (SunCal?) wants to opt out of APS altogether - those pesty, low-life South Valley parents might want to send their kids to their international charter school - but thanks for that Rio Grande water, Albuquerque. Let's see - that tax revenue from Schott and Fidelity - that's all OURS now, but you can still use Journal Pavillion. And for police and firefighters - well, maybe Mesa Del Sol can build a "lifestyle" mall there and the mall cops can be told to deal with the issue (or get fired!)

Comment by Another Mike on January 12, 2009 at 9:53pm: Can somebody point me in the right direction with regard to the definition of TIDDS, or the other thing the TIFS(?) I'd heard or read somewhere that it was only meant for infill projects. Is that right? I'm not entirely sold on the Winrock project, either -- even though I guess I'm helping pay for it -- but at least it's and infill project...so at the very least it qualifies. Finally, I'm not a planner, but to me the Suncal project will only exasperate existing problems of the city....

Comment by Jimbo on January 20, 2009 at 11:34am: Just have the Atrisco Land Grant families give back the $250M to Suncal and let's call it even....