Editorial: Is Downtown Grocery Ripe for $900,000 Break?

It would be nice if Downtown residents – or for that matter all city residents – could have a nice grocery within walking distance of their homes or workplaces.
But for most Albuquerqueans that’s not the reality.
Bernalillo County and the city are considering pumping in incentives to bring a 12,000-square-foot grocery to city-owned land at Second and Silver SW. The Trader Joe’s-size store would occupy the ground floor of a four-story building that would also house 61 apartment units and other retail space. Mayor Richard Berry says it could be a “catalyst” for Downtown. And it could be a great amenity for the city’s urban center that slowly is being revitalized. The Berry administration is working on a development agreement with Geltmore LLC, which won a request for proposals for the project.
The County Commission recently approved an “inducement resolution,” a step that allows negotiations to move forward on an industrial revenue bond deal that includes a $900,000 tax break for Geltmore. Final approval of the bond deal is expected in August.
Paul Silverman of Geltmore calls the bonds “an important part of our financial structure.”
However, Commissioner Wayne Johnson raises a reasonable question. Is it fair for the county (or city) to help create competition for other nearby businesses that didn’t get a subsidy? Should the county give one store project a nearly $1 million boost while a competitor goes empty handed?
Project backers say the other full-size grocery in the Downtown area, the recently remodeled Lowe’s Market at Lomas and 11th NW, is too far to walk to from some points. Since the two sites are just over a mile apart, it could be said that walking distance is in the eye of the beholder.
While this looks like a good commercial project for the area with a built-in consumer base just upstairs, the city and county need to be sure it’s a fair deal with a clear picture of the benefits it would generate for a Downtown that sadly is heavy on office space and bars.
By Albuquerque Journal Editorial Board (Albuquerque Journal)
Click here for source article