City of Albuquerque - File #: R-07-274

• File #: R-07-274
• Type: Resolution
• Status: Enacted and Published
• File created: 8/6/2007
• In control: City Council
• Final action: 9/5/2007
• Enactment date: 9/21/2007
• Enactment #: R-2007-110
• Title: Providing Funding from the Housing and Neighborhood Economic Development Fund and the Phillips IRB Settlement Reserve for the Acquisition of the Railyard Property in the Barelas Neighborhood (Benton)
• Sponsors: Isaac Benton

Date	Action By	Action	Result
9/21/2007	City Clerk	Published
9/19/2007	Mayor	Signed by the Mayor
9/14/2007	City Council	Sent to Mayor for Signature
9/5/2007	City Council	Do Pass	Pass
8/20/2007	City Council	Accepted with a Recommendation Do Pass
8/13/2007	Finance & Government Operations Committee	Sent to Council with a recommendation of Do Pass	Pass
8/6/2007	City Council	Introduced and Referred
8/6/2007	President	Referred

CITY of ALBUQUERQUE
SEVENTEENTH COUNCIL


COUNCIL BILL NO. R-07-274 ENACTMENT NO. ________________________

SPONSORED BY: Isaac Benton

RESOLUTION
t
Providing Funding from the Housing and Neighborhood Economic Development Fund and the Phillips IRB Settlement Reserve for the Acquisition of the Railyard Property in the Barelas Neighborhood (Benton)
b
PROVIDING FUNDING FROM THE HOUSING AND NEIGHBORHOOD ECONOMIC DEVELOPMENT FUND AND THE PHILLIPS IRB SETTLEMENT RESERVE FOR THE ACQUISITION OF THE RAILYARD PROPERTY IN THE BARELAS NEIGHBORHOOD.
WHEREAS, the acquisition and redevelopment of the Railyard Property is critical for the revitalization and economic health of the Barelas Neighborhood as well as the Downtown area; and
WHEREAS, the state and the Wheels Museum have provided funding and support for the acquisition and redevelopment of the property; and
WHEREAS, the City has already provided $2.25 million in funding for the acquisition effort and is desirous of providing additional funds; and
WHEREAS, the City has available to it funds in the Housing and Neighborhood Economic Development Fund (Fund 277), half of which are to be used for economic development purposes in pockets of poverty such as the Barelas neighborhood; and
WHEREAS, one of the stated goals of the Housing and Neighborhood Economic Development Fund Plan is to “help eliminate blighted conditions in the Pocket of Poverty to create a sound environment for public and private investment, commercial revitalization, and neighborhood stabilization mainly through improving physical conditions”; and
WHEREAS, the acquisition of the railyard property and its redevelopment is an ideal project for this funding; and
WHEREAS, the City has reserved six hundred fifty nine thousand dollars ($659,000) within the General Fund from the Phillips Semiconductor Industrial Revenue Bond clawback agreement; and
WHEREAS, these funds are to be used for economic development purpo...