CITY of ALBUQUERQUE
TWENTY SIXTH COUNCIL
COUNCIL BILL NO. R-25-212 ENACTMENT NO. ________________________
SPONSORED BY: Joaquín Baca, by request
RESOLUTION
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Relating To The Approval Of A Redevelopment Tax Abatement For The 4th And La Plata Multi-Family Residential Development Project, Developed By 4th & La Plata, LLC (Baca, by request)
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RELATING TO THE APPROVAL OF A REDEVELOPMENT TAX ABATEMENT FOR THE 4TH AND LA PLATA MULTI-FAMILY RESIDENTIAL DEVELOPMENT PROJECT, DEVELOPED BY 4TH & LA PLATA, LLC.
WHEREAS, the City of Albuquerque (the "City") is a legally and regularly created, established, organized, and existing municipal corporation of the State of New Mexico (the "State"); and
WHEREAS, the New Mexico Metropolitan Redevelopment Code, Section 3-60A-l et seq. NMSA 1978 (the "MR Code"), confers certain powers upon the municipality to promote catalytic developments within areas that have been deemed blighted by the governing body of the municipality and authorizes the municipality to create a Metropolitan Redevelopment Agency (MRA) for the purpose of elimination or prevention of slum or blight; and
WHEREAS, pursuant to the MR Code, Sections 3-60A-12 through 3-60A-13.1, as amended (the "Act"), the City is authorized to acquire, whether by construction, purchase, gift or lease, and to finance, sell, lease, or otherwise dispose of, projects, as well as exempt property from taxes, as defined in the Act; and
WHEREAS, the City desires to promote redevelopment in areas designated as blighted and contribute to neighborhood stabilization by providing housing, convenient services, job and business support, building upgrades, infrastructure and neighborhood beautification programs for such areas, and to promote the public health, welfare, safety, convenience, and prosperity; and
WHEREAS, the City Council (the "Council"), after notice and public hearing, as required by the Code, approved the North Corridor Metropolitan Redevelopment Area Plan (the “MR Area Plan”), Resolution R-20-62 (Enactment No. R-2020-071); and
WHEREAS, the Council adopted an ordinance establishing the Albuquerque Development Commission (the "Development Commission") to review metropolitan redevelopment projects proposed to be owned and leased by the City pursuant to City Resolution No. 16-1985, as amended; and
WHEREAS, 4th & La Plata, LLC, a New Mexico limited liability company (together with its successors and assigns, the “Company”) presented to the Development Commission and the Council a proposed metropolitan redevelopment project application for the multi-family residential development of a vacant lot, located at the northeast corner of 4th Street and La Plata Road NW with required supplemental materials (the “Application”) whereby the City will, pursuant to the Act, acquire from the Company land and existing improvements located within the corporate limits of the City, and within the North Corridor Metropolitan Redevelopment Area (the “Project”); and
WHEREAS, the Development Commission reviewed the Application, held a public hearing on the Project, and recommended approval of the Project to the Council on October 16, 2025, based on the findings that the Project will benefit the City's efforts to revitalize the North Corridor Metropolitan Redevelopment Area, and is consistent with the goals and objectives of the MR Area Plan and the MR Code; and
WHEREAS, the City will effectuate the transfer and sale of real property with the Company related to the Project, as proposed in the Application and as authorized by this Resolution; and
WHEREAS, under the Company's proposal, after the City’s acquisition of the Property through a special warranty deed, the City and the Company will enter into a Lease Agreement (the "Lease") by which the Company will lease and agree to purchase the land and improvements comprising the Project from the City, and the Company shall comply with the obligations incurred under the provisions of the Lease and this Resolution; and
WHEREAS, the Lease and Deed, collectively referred to in the Resolution as the "Project Documents," have been filed with the City Clerk and approved by the Council; and
WHEREAS, the Council has determined that it is in the best interest of the City to approve the Project and to execute and deliver the Project Documents, and other documents related thereto; and
WHEREAS, the City is authorized to execute the Project Documents under the Act and this Resolution, and has concluded that it is desirable at this time to approve the Project which constitutes a valid public purpose.
BE IT RESOLVED BY THE COUNCIL, THE GOVERNING BODY OF THE CITY OF ALBUQUERQUE:
Section 1. RATIFICATION. All actions not inconsistent with the provisions of this Resolution previously taken by the Council and the officials of the City directed toward approval of the Application and the Project should be approved and the same hereby are ratified, approved and confirmed.
Section 2. FINDINGS. The Council hereby declares that it has considered all relevant information presented to it relating to the Application and the Project and hereby finds and determines that approval of the Application and the Project, and the execution of the Project Documents, pursuant to this Resolution are necessary and advisable and in the interest of and will promote the public health, safety, morals, convenience, education, economy, and welfare of the City and the residents of the City. The Council finds that:
(1) The proposed activities under the Project aid in the elimination or prevention of slum or blight;
(2) The Project is consistent with the Albuquerque/Bernalillo County Comprehensive Plan and the North Corridor Metropolitan Redevelopment Area Plan, and meets the threshold and application criteria of the Redevelopment Tax Abatement program;
(3) The Project affords maximum opportunity consistent with the needs of the community for the rehabilitation or redevelopment of the area by private enterprise or persons, and the objectives of the Project justify the proposed activities as public purposes and needs;
(4) The developer of the Project property is the Company; and
(5) The Project advances the goals of the North Corridor Metropolitan Redevelopment Area Plan by developing a vacant lot with a multi-family residential development with approximately 24 residential units. The project will transform a vacant corner on the prominent 4th Street corridor, bringing more residential activity and safety to a desolate area, thus contributing to the economic development and stability of the North Corridor MR Area.
Section 3. THE PROJECT. The City shall acquire the Property, as described in Exhibit A, for the purposes hereinabove described, and the Project shall be located at all times within the corporate limits of the City and within the North Corridor Metropolitan Redevelopment Area.
Section 4. APPLICATION APPROVAL.
A. The Application, as attached as Exhibit B, and made a part hereof, is approved in all respects.
B. Prior to execution of the Project Documents and upon approval of the Application, the Company shall provide to the City all documentation required to ensure conformance with the Application and conditions for approval as recommended by the Albuquerque Development Commission.
Section 5. AUTHORIZATION OF OFFICERS; APPROVAL OF DOCUMENTS; ACTIONS TO BE TAKEN.
A. The form, terms, and provisions of the Project Documents in the form on deposit in the office of the City Clerk, as attached as Exhibit C, and made a part hereof, are in all respects approved, authorized, and confirmed.
B. The Mayor or Chief Administrative Officer of the City is authorized to execute and deliver in the name and on behalf of the City, and the City Clerk or Deputy City Clerk is hereby authorized to attest, as necessary, the Project Documents with such changes therein as are not inconsistent with this Resolution.
C. The Mayor, Chief Administrative Officer, Treasurer and City Clerk are further authorized to execute, authenticate and deliver such certifications, instruments, documents, letters and other agreements and to do such other acts and things as are necessary or appropriate to consummate the transactions contemplated by the Application and the Project Documents.
D. The officers of the City shall take such action as is necessary to effectuate the provisions of the Application and shall take such action as is necessary in conformity with the Act for the Project and for carrying out other transactions as contemplated by this Resolution, the Application and the Project Documents.
E. The Project Documents shall not be executed until Construction of the Project is complete, as exemplified by a final Certificate of Occupancy, or prior at the sole discretion of the City. The Project Documents must be entered into and effective within three years of the date of this Resolution.
Section 6. LEASE TERM. The Lease term shall not exceed seven years.
Section 7. FINDINGS REGARDING PROPERTY TAX ABATEMENT AND OTHER MATTERS. The Council makes the following determinations and findings:
A. The Company is committed to providing fair consideration under the Lease through planned improvements to the Project property pursuant to the Application, Project Documents, and the Act, and complying with the terms of the Lease.
B. It shall not be necessary to deposit any amount in a controlled account for the maintenance of the Project property.
C. The Lease requires that the Company maintain the Project property in good repair and condition (excepting reasonable wear and tear) and carry all proper insurance with respect to the Project property.
D. In accordance with Section 7-36-3.1, NMSA 1978, as amended and supplemented, the Project property shall be exempt from property taxation on the improvements to the Project for the shorter of the period of time in which the City owns the Project or December 31 of the year in which the seventh anniversary of the acquisition of the Project property by the City will occur.
Section 8. LIMITED OBLIGATIONS. Nothing contained in the Resolution or in the Project Documents or any other instrument shall be construed as obligating the City (except with respect to the Project property as provided in the Project Documents), nor as incurring a pecuniary liability or a charge upon the general credit of the City or against its taxing power, nor shall the breach of any agreement contained in this Resolution, the Project Documents or any other instrument be construed as obligating the City (except with respect to the Project property as provided in the Project Documents), nor as incurring a pecuniary liability or a charge upon the general credit of the City or against its taxing power, the City having no power to pay out of its general funds, or otherwise contribute any part of the costs of constructing or furnishing the Project property.
Section 9. APPROVAL OF INDEMNIFICATION. The Council specifically approves the provisions of the Lease relating to indemnification which provide that the Company shall indemnify and hold harmless the City and its City Councilors, officials, members, officers, employees and agents against liability to the Company, or to any third parties that may be asserted against the City or its City Councilors, officials, members, officers, employees, or agents with respect to the City’s ownership of the Project property and arising from the condition of the Project property or the acquisition, construction, and operation of the Project property by the Company, except to the extent Section 56-7-1, New Mexico Statutes Annotated, 1978 Compilation, applies, and except claims for any loss or damage arising out of or resulting from the gross negligence or willful misconduct of the City or any member, officer, employee or agent of the City.
Section 10. REPEALER. All bylaws, orders, resolutions and ordinances, or parts thereof, inconsistent with this Resolution are repealed by this Resolution but only to the extent of that inconsistency. This repealer shall not be construed to revive any bylaw, order, resolution or ordinance, or part thereof, previously repealed.
Section 11. SEVERABILITY. If any section, paragraph, clause or provision of this Resolution shall for any reason be held to be invalid or unenforceable, the invalidity or unenforceability of that section, paragraph, clause or provision shall not affect any of the remaining provisions of this Resolution.
Section 12. EFFECTIVE DATE. This Resolution shall take effect five days after publication by title and general summary.
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