The Plaza at Enchanted Hills
The Plaza at Enchanted Hills is projected to consist of 225,000 square feet of retail space on approximately 23.7 acres at the southwest corner of Enchanted Hills Boulevard and N.M. 528/Pat D'Arco Highway. Phase one of the project is expected to consist of approximately 70,000 to 75,000 square feet of retail space.
In fall 2011 the first businesses at The Plaza opened.
At their Nov. 10, 2010, and Dec. 15, 2010, meetings, the Governing Body approved a gross receipts tax investment policy (GRIP) for this project. View
the GRIP ordinance that was adopted.
When a GRIP is approved, a developer/retailer pays for the cost of public infrastructure improvements (roads, drainage, water and wastewater lines, etc.) for a project, and in return the city refunds a percentage of the yearly applicable gross receipts tax revenues it receives that are directly attributed to the retail sales of the project/business back to the developer up to a maximum number of years.