CITY of ALBUQUERQUE
TWENTY SEVENTH COUNCIL
COUNCIL BILL NO. O-26-25 ENACTMENT NO. ________________________
SPONSORED BY: Ren?e Grout, by request
ORDINANCE
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Amending Chapter 14, Article 8 Of The Revised Ordinances Of Albuquerque 1994 To Create A Tax Increment Finance (TIF) Board And Update The Powers Of The Metropolitan Redevelopment Agency & City Council Accordingly (Grout, by request)
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AMENDING CHAPTER 14, ARTICLE 8 OF THE REVISED ORDINANCES OF ALBUQUERQUE 1994 TO CREATE A TAX INCREMENT FINANCE (TIF) BOARD AND UPDATE THE POWERS OF THE METROPOLITAN REDEVELOPMENT AGENCY & CITY COUNCIL ACCORDINGLY.
WHEREAS, the State of New Mexico has enacted the Metropolitan Redevelopment Code Sections 3-60A-1 through 3-60A-48 NMSA 1978, as amended, (herein the "MR Code"), authorizing the City of Albuquerque, New Mexico (herein the "City") to designate metropolitan redevelopment areas, adopt redevelopment plans, and utilize tax increment financing ("TIF") as a redevelopment tool; and
WHEREAS, the City has adopted a Metropolitan Redevelopment Agency Ordinance, Chapter 14, Article 8, ROA 1994, as amended, which creates the Metropolitan Redevelopment Agency (herein the "MRA") and delegates from the Albuquerque City Council (herein the "Council") to the MRA the exercise of certain metropolitan redevelopment project powers set forth in the Code and reserving certain redevelopment and TIF-related powers to the Council; and
WHEREAS, the City has adopted a Boards and Commissions Ordinance, Chapter 2, Article 6, ROA 1994, establishing uniform requirements for the creation, membership, organization, and operation of public boards and commissions; and
WHEREAS, the Council adopted Resolution R-24-102, requiring the Metropolitan Redevelopment Agency to propose a TIF governance structure to the Council; and
WHEREAS, the Council desires to establish such a board in a manner consistent with the Metropolitan Redevelopment Code, the MRA Ordinance, and...
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