City of Albuquerque - File #: R-24-46

• File #: R-24-46
• Type: Resolution
• Status: Enacted
• File created: 5/6/2024
• In control: Land Use, Planning, and Zoning Committee
• Final action: 6/3/2024
• Enactment date: 6/21/2024
• Enactment #: R-2024-045
• Title: Confirming The Authority of The Metropolitan Redevelopment Agency's Ability To Pursue Tax Increment Financing As Empowered By Companion Ordinance O-24-22 (Baca and Grout)
• Sponsors: Joaquín Baca, Renée Grout

Date	Action By	Action	Result
6/21/2024	City Clerk	Published
6/14/2024	Mayor	Signed by the Mayor
6/7/2024	City Council	Sent to Mayor for Signature
6/3/2024	City Council	Passed	Pass
5/20/2024	City Council	Accepted with a Recommendation Do Pass
5/15/2024	Land Use, Planning, and Zoning Committee	Sent to Council with a recommendation of Do Pass	Pass
5/6/2024	City Council	Introduced and Referred
5/6/2024	President	Referred

CITY of ALBUQUERQUE
TWENTY SIXTH COUNCIL


COUNCIL BILL NO. R-24-46 ENACTMENT NO. ________________________

SPONSORED BY: Joaqu?n Baca and Ren?e Grout


RESOLUTION
title
Confirming The Authority of The Metropolitan Redevelopment Agency's Ability To Pursue Tax Increment Financing As Empowered By Companion Ordinance O-24-22 (Baca and Grout)
body
WHEREAS, local governments are permitted to capture tax increments in established Metropolitan Redevelopment Areas ("MRA") pursuant to the Metropolitan Redevelopment Code, NMSA 1978, Sections 3-60A-1 et seq.; and
WHEREAS, during the 2023 and 2024 legislative sessions, the State of New Mexico amended the Metropolitan Redevelopment Code to establish processes for capturing growth in gross receipt tax revenues ("GRT") and property tax revenues within approved MRA boundaries; and
WHEREAS, local governments are permitted to use the increase in GRT revenues and property tax revenues generated within a MRA consistent with the adopted Metropolitan Development Plan for the MRA; and
WHEREAS, the State further amended the Metropolitan Redevelopment Code to expand the powers of local Metropolitan Redevelopment Agencies; and
WHEREAS, the State legislative amendments to the Metropolitan Redevelopment Code necessitate corresponding amendments to the City's Metropolitan Redevelopment Agency Ordinance codified at ROA 1994, Chapter 14, Article 8, Part 4, as depicted in companion bill O-24-22; and
WHEREAS, the State Metropolitan Redevelopment Code requires this new authority to the city's Metropolitan Redevelopment Agency to be acknowledged and approved by resolution.
BE IT RESOLVED BY THE COUNCIL, THE GOVERNING BODY OF THE CITY OF ALBUQUERQUE:
SECTION 1. The City Council hereby acknowledges the authority of the Metropolitan Redevelopment Agency to carry out tax increment financing as permitted by State Tax Increment Law, NMSA 1978, Sections 3-60A-19 through 3-60A-24 and as described by compani...