Jim Covell said he looked at the village's economic development plan, what's been done and where it is going. After he gets feedback from the committee, Covell said he will compile a final report.

Covell said in talking with colleagues, new manufacturing is dead.

"Those that are looking are looking for existing buildings," Covell said. "Many large corporations are working with site consultants trying to get others to take their extra space as they downsize operations."

While the alternative energy field is hot right now, and many companies are looking to make their mark, a lot of that looking has tied up federal funding, Covell said.

"A lot of these companies want 80 percent federal funding. They let companies make application for the funds, but they don't have to use them until 2014," he said. "They are sitting on the money, and there is no penalty for turning back the money.

"They are waiting to see if it is still advantageous to go ahead. The Signet project down in Belen is a prime example."

Covell said he didn't see much changing until the banking issue was resolved. For both big and small companies, it is hard to get money to expand he said.

"Banks are caught in the position of being told to raise capital within their organizations and to lend, but not to anyone who can't pay back absolutely," Covell said.

But existing buildings are another world, the consultant noted.

"If you have a vacant 100,000-square-foot building, you can probably find several companies," he said. "Small buildings are already available in the metro area.

"You are not going to find someone coming in here from Colorado because those kinds of buildings are all over the place," he said.

Labor, which was once a concern, is now plentiful, Covell said.

"There are plenty of workers available for prevailing wages with good skills," he said. "Especially with a 10 percent unemployment and up if you consider those who have quit looking."

Covell said the most opportune thing for Bosque Farms was to look down the street.

"Create more commercial development and develop businesses," he said. "People are going through, and those 30,000 cars that drive through every day, how do we stop 10 percent of them?"

It is helpful to develop a community image, Covell said.

"It's tough to do, and it doesn't happen overnight," he said. "Dixon is known for apples, Taos for art and Los Lunas for the Luna Mansion."

And it's not always a good image, he added, Lincoln has built a healthy industry around Billy the Kid.

Identify a concept of what the community is, and use that to develop an event, Covell said.

"Something that will build esprit de corps," he said. "Projects that local people are interested in and want to take part in."

He pointed out that when the Town of Bernalillo began a wine festival, the community had no idea it would turn into 20,000 people.

Las Cruces does their "whole enchilada" festival, Albuquerque created an International Balloon Fiesta by happenstance and Los Lunas does an annual car show, he said.

"You want people to say, 'Oh yeah, we went to Bosque Farms last year. That's where they have . . .,'" Covell said.

Councilor Bob Knowlton, the committee's president, asked if Covell could think of types of events not being done in New Mexico. Covell said one things that came to mind were Civil War reenactments.

"Peralta was the site of a battle, and there is one based on the battle of Glorieta," he said. "But it's been moved from Glorieta to La Cienega. It's not really been capitalized on."

Covell also suggested looking into an event that commemorates the Camino Real, similar to what is done for the Oregon Trail.

"It might take several years to really build it up, but the opportunity is there," he said. "In Raton, there is a yearly mountain man retreat that attracts thousands of people. Something that is attached to the heritage of the community is easier than something from scratch, like the Bernalillo wine festival."

Showing the committee various promotional materials from the Village of Corrales, Covell pointed out a simple, black and white promotional brochure developed by a volunteer and produced by the village. The village then used a company called Fun and Games to distribute the tri-fold brochure to visitor centers throughout the state.

The village also put together a complete business directory, which included home businesses. The guide encourages people to shop locally, Covell said.

"If I need an appliance repaired, I'm going to look for someone already here, not go to the phone book, pick one out and find out they're in Rio Rancho," he said.

Knowlton said he liked a lot of Covell's ideas, and asked what more the village could do to attract businesses to Bosque Farms.

Covell said that while that was difficult, the first thing the village should develop is an inventory of vacant, available buildings in the village.

"If you can, get the sellers to put a firm price, 10 to 20 percent below market, and they probably can move it. Make sure the owners are willing to sell," he said. "There are a lot of spaces available in the metro area because of closures and moves, companies looking to sublet leased space. The market is very competitive.

"Also, make sure properties are in marketable condition. If they are run down, buyers are going to have a hard time getting money to fix something up."

If the village has something it thinks companies might be interested in, Covell suggested direct mailing site selection brokers and targeting a specific market.

"If you have something available, consider who would want it and market it to them. Would it make a good location for a call center? Get in touch with local call centers who are expanding," Covell said. "Look at who just got a government contract. Look at the classifieds and see who is hiring. They are most likely expanding. Try to find a user."

Looking to Albuquerque could be a solution, Covell said. While people living and working in Bosque Farms think the village is the ideal place to work and live, others might not see it that way.

"People who live and work in Duluth think that is the ideal place to be," he said. "They aren't going to come to Bosque Farms. Look at the ones who already know about the community and are already in the area."

Knowlton asked how important potential incentives offered by the village were to drawing in new business.

Covell said incentives didn't really come into play until a company has narrowed its choices down to two or three final locations.

"What incentives you offer can make or break a deal in the end," he said. "If two locations are the same, and a company will see the same profits in both, if one offers to abate their taxes for 10 years and another offers 20 years, that will make the difference."

Kathy McCormick, business and community finance representative with the New Mexico Economic Development Department, warned that companies that are too preoccupied with incentives should raise suspicions.

"If all they ask about are loans and grants, what the community is going to do for them, that should raise some flags," she said. Covell agreed, saying companies will use incentives as a bargaining chip and threaten to go elsewhere for better benefits.

"It's all part of the process," he said.

Covell said he would compile a formal report and present it to the committee in two or three weeks.