CONFIDENTIAL - DISCUSSION PURPOSES ONLY

CITY OF ALAMOGORDO, NEW MEXICO

CITY COMMISSION MEETING

OCTOBER 28, 2025

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LEDA REQUEST PRESENTATION

MILITARY HOUSING AUTHORITY

TABLE OF CONTENTS

1. Sendero Alamo Overview
• Location Map
• Mesa Village Plat
• Site Plan
2. Market Overview
3. LEDA Request
4. Economic Development Benefits & Payback
5. NAA Economic Impact Calculator

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MILITARY HOUSING AUTHORITY

SENDERO ALAMO OVERVIEW

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• The first phase of Sendero Alamo will be an 80-unit multifamily rental community located at 1200 Acacia Ave, within the city limits of Alamogordo.
• Located within the Mesa Village master plan
• 13.625 total acres; 6.37-acre phase one development site
• 80 2BR/2BA units with +/-80,000 net rentable area
• Community amenities will include gated access, high speed fiber connections, community center and leasing office, swimming pool, and gazebo with BBQ grills and EV chargers.
• The community will be energy efficient and plan to have it certified under the National Green Building Standards (NGBS)
• Total development budget of $19.9 million
• The New Mexico Finance Authority (NMFA) awarded Sendero Alamo, LLC the first ever loan under its newly authorized Opportunity Enterprise Housing Development Program - $15,000,000. 4.50% and closing expected by year end
• Commence construction January 2026 with a 12-14-month construction schedule
• Initial occupancy November 2026

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MILITARY HOUSING AUTHORITY

LOCATION MAP

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MESA VILLAGE PLAT

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MILITARY HOUSING AUTHORITY

CONCEPTUAL SITE PLAN

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MARKET OVERVIEW

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• NMFA Market Study indicates a very constrained housing market with high demand and extremely limited supply.
• With limited on-base housing options at Holloman AFB, service members and the general workforce in Alamogordo face severe difficulties in securing adequate and affordable housing.
• The last market rate multifamily property developed in Alamogordo is 30 years old.
• The overall vacancy rate for the market area is 1.6 percent. Of the 1,731 market and restricted units surveyed, 27 units were vacant.
• The market area shows a total demand of 1,464 units
• On June 20, 2025 the VIP Housing Outreach for Mission Enhancement (H-O-M-E) event was hosted by the Alamogordo Chamber of Commerce and Holloman Air Force Base. Holloman AFB Leadership stated that they are short 700+ beds for unaccompanied/single Airmen in the local economy. Many live in Las Cruces and commute due to lack of availability in Alamogordo.

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MILITARY HOUSING AUTHORITY

LEDA REQUEST

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• Construction costs have increased significantly since project was initially proposed
• The development will construct significant permanent infrastructure, including improvements to Mesa Verde Ranch Road, extension of Acacia Avenue, storm water drainage improvements, and extensions of water, sewer, electrical and fiber systems
• LEDA request - $1,500,000
• LEDA funds will be used to offset the costs of permanent infrastructure improvements, thereby enhancing future residential and business expansion.

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MILITARY HOUSING AUTHORITY

ECONOMIC BENEFITS & PAYBACK

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• Job Creation: Upon completion of the first phase of Sendero Alamo, two full-time jobs will be created with total salaries of approximately $125,000. Upon completion of future phases, we estimate four full-time jobs will be created with salaries exceeding $250,000
• Employment Impact: Alamo Sendero will add critical housing supply, allowing residents to live local, spend local, and support existing local businesses. According to the NAA’s economic impact calculator, an 80-unit apartment community in New Mexico supports 131 total jobs in construction, operations, and resident spending within the local economy. More importantly, we view each bedroom as an Air Force job that would now reside in Alamogordo instead of Las Cruces or on base, brining greater than $5M annually into Alamogordo’s economy.
• Increased Tax Base: Sendero Alamo is applying for the MRA to assist with the financial viability of the project, but upon completion of those 7 years of property tax reductions, t is estimated that Sendero Alamo will add approximately $14 million to the local tax base and generate annual property taxes in excess of $70,000 per year. Based on 2025 millage rates, approximately 57% of the total, or $40,000 will be allocated to the City of Alamogordo for municipal operations and schools. The current tax bill for the vacant parcel is less than $1,000 per year. Once the project reaches full completion the ad valorem revenues will be well over $100,000 annually.
• Increased GRT & Tax Revenues: Increased local spending from residents will boost local GRT revenues. If $5 million of spending power from Sendero Alamo Phase I residents stayed local, an additional $100,000 per year in City GRT revenue could be anticipated. Upon full build-out, local spending could be greater than $20 million annually.

MILITARY HOUSING AUTHORITY

ECONOMIC BENEFITS & PAYBACK

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• Impact on local Housing Accessibility:
• Sendero Alamo will alleviate pressure on the local housing market, which currently struggles to meet the dual demand of serving both the civilian population and the growing needs of Holloman AFB.
• By increasing the supply of available rental units, civilian and military residents will find it easier to access suitable housing options.
• The broader community will benefit from improved housing accessibility and greater affordability, promoting a healthier local housing market.

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• Payback: Based on the above economic benefits, we estimate the payback to be 5-7 years

MILITARY HOUSING AUTHORITY

NATIONAL APARTMENT ASSOCIATION ECONOMIC IMPACT CALCULATOR

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