Another Newman article from the Monitor

Another Newman article from the Monitor
Revised Trinity plan coming

Darryl Newman, lareporter@lamonitor.com

Boyer Company representatives have cited various financial resources that it will tap into in moving forward with plans for constructing the Trinity Site mixed-use development.

The Boyer Co. will leverage a combination of its own equity with loans on the balance of the property, said Boyer Partner David Nielson.

"We have done this with various commercial lenders," Nielson said today by phone from company offices in Salt Lake City. "We won't have one particular lender we'll be working with until further down the road.

After that, we can go out to lenders and see who will give us the best interest rates, among other aspects."

Financially, the project is estimated to generate $2,587,534 in gross receipt taxes, as well as $1,199,090 in incremental property tax, according to Boyer's request for proposal to the county. In addition, land parcels A-8 and A-11 purchased from the school district will generate $5,286,145 in revenue to the school district.

Boyer and Los Alamos County will develop three separate lease agreements as part of an overall agreement, said Assistant County Administrator Anthony Mortillaro. There will be a lease agreement on the actual property to be leased, a sale agreement on land sales and a development agreement that covers the total area to be sold.

"We will be negotiating and there is still a lot of work to be done on it," Mortillaro said. "There will be a negotiating of the draft agreements that will eventually go through a modification process. We're giving ourselves plenty of time to do all of this."

The county will work with Boyer exclusively in developing lease agreements, Mortillaro said. Boyer will develop the Trinity Site on land that it will lease from the county.

Boyer will then lease retail and office space pads to individual retailers. Boyer also may construct its own buildings and lease the facility to retailers, Mortillaro said.

"The buildings that are leased will reflect the ground lease and the building lease to the retailer under just one lease rate," Mortillaro said. "The ground lease from the county will be solely to Boyer, who will reflect their lease rate to their tenants."

Nielson said Boyer has yet to finalize any plans with a retail giant to anchor the Trinity Place development. Candidates so far include Wal-Mart, Target and Smith's Marketplace.

A master site plan proposed by Boyer that was published in Sunday's Monitor will be obsolete by Wednesday, Nielson said.

"The site configuration has changed again and will change again later, as we look and see what the costs will be," Nielson said. "The new plan will look more like the first conceptual drawings."

Mortillaro said he is hopeful that the modified plan will more closely resemble what the county has envisioned for economic development on the site.

Boyer representatives, including Nielson, will be in Los Alamos on Saturday and will be available to answer questions from the public regarding the project. The representatives will present from 10 a.m. to 3 p.m. in the Municipal Building.

The Trinity Place development is an economic venture in place between Boyer Company and the Los Alamos County and the Los Alamos Public School District.

The site will be comprised of 155,500 square feet of retail, 34,700 square feet of commercial space and 53,150 square feet of mixed-use office, restaurant and entertainment space. Copies of the Trinity Place proposal are available for public review at the Kan Du Center, located in the Municipal Building and also are available at the Mesa Public Library.