PASEO GATEWAY

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PASEO GATEWAY

• A Master Planned Community in
• RIO RANCHO, NEW MEXICO

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• Paseo Gateway is a master planned community
  within the City of Rio Rancho, New Mexico
  consisting of approximately 1030 acres of
  multiple use zoned land. It is centrally located
  in the community and has good access via Paseo
  Del Volcan, a new limited access roadway, planned
  to connect NM State Road 550 to I-40. The first
  phase of construction on the south side of Paseo
  Gateway is complete from Iris Rd. west past the
  new City Centre to Unser Blvd. Phase two from
  Iris to NMSR 550 is scheduled for completion in
  2010. Rio Rancho Public Schools owns
  approximately 140 acres within the area on which
  they are now building Rio Ranchos second High
  School, a 109,000,000 facility scheduled to open
  in 2009. AMREP Corporation owns approximately 300
  acres of land and the balance of approximately
  590 acres is owned by the State of New Mexico
  through the State land Office and the NM
  Department of Transportation.

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The State owned property, consists of
approximately 536 acres of zoned
property (hereinafter, SLO property) and the
NMDOT property (the Paseo del Volcan right of
way) of approximately 54 acres. The zoned SLO
property consists of the following
The property has been annexed and zoned by the
City of Rio Rancho, and an agree- ment to provide
water and sewer service was obtained in April of
2007. The agree- ment calls for the payment of
4,000,000 to the CORR which will be used to fund
a new well to provide water for the area. The
payment will be Impact fee creditable. The
property has been cleared of all known
archeological sites and approved for Development
by the State Historical Preservation Dept. as of
mid 2007. A plat is in process at the CORR.
Electric and gas utilities will be provided by
PNM and are not expected to be unduly expensive.
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