CITY of ALBUQUERQUE
TWENTY SEVENTH COUNCIL
COUNCIL BILL NO. R-26-60 ENACTMENT NO. ________________________
SPONSORED BY: Nichole Rogers, by request
RESOLUTION
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Relating To The Approval Of A Redevelopment Tax Abatement For The Sichler Farms Development Project In The Central Highland/Upper Nob Hill Metropolitan Redevelopment Area (Rogers, by request)
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RELATING TO THE APPROVAL OF A REDEVELOPMENT TAX ABATEMENT FOR THE SICHLER FARMS DEVELOPMENT PROJECT IN THE CENTRAL HIGHLAND/UPPER NOB HILL METROPOLITAN REDEVELOPMENT AREA.
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-1 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 projects by construction, purchase, gift or lease, and to finance, sell, lease, or otherwise dispose of, projects, as well as exempt property from taxes; and
WHEREAS, SB 58 amended Section 3-60A-13.1 of the Act to allow exemptions from property taxation and assessments for up to fourteen years from the date of acquisition of the property by the local government, while obligating any lessee of a project property or owner of a substantial beneficial interest in a project property, in whose ownership the property would not otherwise be exempt from property taxation, to pay the county treasurer annually a payment in lieu of taxes during the lease period; and
WHEREAS, the City desires to promote r...
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