The Rio Rancho City Council approved an amended reso-lution that will allow the city to negotiate with City of Vision Studios to entice it to come to the city.

Mayor Tom Swisstack is excited about the project.

“This will start to put us in the forefront, and this is not the only one coming in our direction,” Swisstack said. “We really have to get our staff prepared for this type of industry coming to our community and what we must do to attract these people. This will put us on the map for digital information. We could be the hub for high-tech industry in our respective area.” The resolution, authored by District 1 councilor and Deputy Mayor Mike Williams, was approved by a 5-0 vote during the Wednesday meeting. District 3 councilor Delma Petrullo was absent because of surgery.

District 5 councilor Larry Naranjo amended the resolution by pushing the deadline for CoVS to show a verifiable financial commitment to the project to December of 2008 instead of March of 2009.

He also wants CoVS to have an economic development agreement in place by March.

Naranjo said that some examples of proof of commitment include a deposit, money on account or letters of credit.

The resolution signals the city’s support for the project and eventually gives incentives to City of Vision Studios. Part of the incentive package includes the city making seven acres available for the first phase of the project. An additional seven acres will be made available for the second phase.

But, if CoVS reneges on the contract, then the resolution is null and void. This would mean that the city pulls its support and the land reservation.

CoVS agent Joe Cordova, a Rio Rancho resident, says the stipulations are no problem. He says investors are lined up and ready to move forward.

“The City of Rio Rancho is committed, now it’s time for us to put up or shut up,” Cordova said. “We are talking to some investors, but at this time we cannot disclose them. We need to have the financing in place, talk with city staff, put a site plan together and make sure they are happy.”

District 2 councilor Patty Thomas sounded a little cautious about the development. After all, the city approved an incentive package to help Lionsgate build a $15 million film studio downtown in 2006, but Lionsgate has yet to break ground.

“I wonder if it is real or a dream,” Thomas said about CoVS. “I don’t want to put the city in a no-win situation, but I also don’t want to pass up this wonderful opportunity. I hope staff will work with City of Vision Studios once we see proof of financial support.”

City Manager Jim Payne also is treading cautiously, but is optimistic.

“I am concerned with the land issue,” Payne said. “We do not want to discourage business from coming, but we want to make sure we do the right thing. It would have been a big disappointment if we did not have the land for Hewlett Packard.”

Payne said the city has roughly 70 acres and taking 14 acres off the table, with no guarantee of development, is risky. That is why he likes the clawbacks in the contract that say the land will be put back on the table if CoVS does not follow through with its commitment.

“I don’t want to be disparaging to City of Vision Studios, but this sets the precedent for speculation,” Payne said. “They are a legitimate business but it does set a precedent. Our central point of concern is for them to fund the money and tell us they can get the land. This could be a tremendous thing for the city and we want to make sure it happens.”

Cordova, along with former South Carolina film commissioner Debra Rosen, acting coach Price Hall and producer Elliott Lewitt are the principals for CoVS. The group wants to build a technological digital studio that will do more than make films.

They want to create a multifaceted digital media center that would bring more than 1,000 high-paying jobs to the city and generate more than $80 million in gross receipts taxes over 10 years.

“Digital media is a fast changing industry,” Cordova said as he showed the governing body and audience a presentation.

He compared the King Kong movie from 1933 to the one made in 2005. He also said it is comparable to going from silent films to talking films and from black and white to color.

City of Vision Studios will host medical imaging, data disaster recovery, film restoration, special effects lab, digital music, digital television and industry support.

“This will create clean and high paying jobs,” Cordova said. “This will be a major catalyst for development in Rio Rancho’s downtown. Local students can jump aboard and expand into a new industry in their own backyard.”

He told the governing body that the facility in Rio Rancho will be equal to the best facilities in Los Angeles and New York City.

The studio will be in the central business district, north of city hall. CoVS is looking at 43 acres north of the city center that the state owns. Sandoval County is expected to be the conduit for the land.

Gov. Bill Richardson has pledged $12 million to help the city with infrastructure costs to accommodate Hewlett Packard. Cordova said CoVS will use some of that infrastructure.

The downtown area continues to grow on paper. The area is getting University of New Mexico and Central Community College branches. Hewlett Packard recently announced they are coming to the area.

Santa Ana Star Center and Rio Rancho City Hall are new entities that have already arrived on the scene, so to speak.