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Not sure if you mean exclusive of the Balloon Fiesta Park, so that is my suggestion. Each yar we buy the $100 pass for businesses, and we get to park in specialty parking which puts us right on the field. This is great for taking out-of-town guests, etc., as well as makes it easy to want to go more than once.
As far as a location in RR, you would have to have binoculars. There are some balloon events in Rio Rancho, however, at other times of the year. Check the web for locations and times.
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