Taos Ski Valley TIDD board approves FY26 budget, hears developer update citing over $31 million due

The Board of Directors of the Village of Taos Ski Valley Tax Incremental Development District on July 21 approved Resolution No. 2026-64, the FY26 final TIDD budget, and unanimously acknowledged Resolution No. 2026-63, the fourth-quarter FY2025 DFA financial report as of June 30, 2025. Both motions were moved by Board Member Frimm, seconded by Board Member Turner and passed 5-0.

During the meeting Board Member Rockey presented the quarterly roll-forward spreadsheet and financial schedules for dedicated and undedicated projects through June 30, 2025. "Amounts due to the Developer are over $31 Million," Board Member Rockey reported. He explained the interest on amounts due is calculated using the 10-year Treasury rate plus one percentage point and that the rate is adjusted every six months.

After the financial updates Rockey reported on coordination with the developer and village staff about upcoming project dedications and schedules, saying he and Mr. Richard Bellis had met with TSVI and the Mayor to discuss dedications they hope to accomplish this year. The board then voted to move into executive session under the New Mexico Open Meetings Act exemptions cited for the discussion of the purchase, acquisition or disposal of real property or water rights and for attorney-client privileged matters related to threatened or pending litigation; the board chair said no votes or decisions were made during the closed session.

The board set its next meeting for October 20, 2025, at 4:00 p.m. via Zoom.