CITY of ALBUQUERQUE
TWENTY-FIRST COUNCIL
COUNCIL BILL NO. R-15-188 ENACTMENT NO. ________________________
SPONSORED BY: Ken Sanchez
RESOLUTION
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Declaring The Intent Of The City Council Of The City Of Albuquerque, New Mexico To Consider For Adoption A Resolution Approving The Formation Of The Lower Petroglyphs Tax Increment Development District; Approving, Subject To Further Proceedings Of The City Council, A Tax Increment Development Plan For The District, The Purposes Of The District, Identification Of Gross Receipts Tax Increment And Property Tax Increment Financing Mechanisms, And Bonds Secured By Gross Receipts Tax Increment Revenue And Property Tax Increment Revenue (Sanchez)
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DECLARING THE INTENT OF THE CITY COUNCIL OF THE CITY OF ALBUQUERQUE, NEW MEXICO TO CONSIDER FOR ADOPTION A RESOLUTION APPROVING THE FORMATION OF THE LOWER PETROGLYPHS TAX INCREMENT DEVELOPMENT DISTRICT; APPROVING, SUBJECT TO FURTHER PROCEEDINGS OF THE CITY COUNCIL, A TAX INCREMENT DEVELOPMENT PLAN FOR THE DISTRICT, THE PURPOSES OF THE DISTRICT, IDENTIFICATION OF GROSS RECEIPTS TAX INCREMENT AND PROPERTY TAX INCREMENT FINANCING MECHANISMS, AND BONDS SECURED BY GROSS RECEIPTS TAX INCREMENT REVENUE AND PROPERTY TAX INCREMENT REVENUE; AUTHORIZING AND DIRECTING THE POSTING, MAILING AND PUBLICATION, IN A NEWSPAPER OF GENERAL CIRCULATION WITHIN THE COUNTY, OF A NOTICE OF PUBLIC MEETING AND HEARING TO BE HELD ON MAY 1, 2017 TO CONSIDER FOR ADOPTION THE RESOLUTION APPROVING THE FORMATION OF THE DISTRICT.
WHEREAS, the Legislature of the State has enacted the Tax Increment for Development Act, NMSA 1978, §§ 5-15-1 to -28 (2006, as amended) (the “Act”), pursuant to which the governing body of a municipality may adopt a resolution authorizing the formation of a tax increment development district following a public hearing and based upon certain findings required pursuant to NMSA 1978, § 5-15-7 (2006); and
WHEREAS, the City Council of the City of Albuquerque has enacted Sections 4-10-1 to 8 ROA 1994, (the “City Policy Guidelines”) establishing policy guidelines and application procedures for tax increment development districts in the City; and
WHEREAS, pursuant to NMSA 1978, § 5-15-4 (2009), upon filing with the City Clerk an approved tax increment development plan and upon receipt of a petition bearing the signatures of the owners of at least fifty percent (50%) of the real property located within a proposed tax increment development area, the City Council may adopt a resolution declaring its intent to form a tax increment development district; and
WHEREAS, pursuant to NMSA 1978, § 5-15-6 (2009), upon adoption of a resolution indicating an intent to form a tax increment development district, the governing body of a municipality shall set a date no sooner than 30 days and no later than 60 days after the adoption of the resolution for a public hearing regarding the formation of the district; and
WHEREAS, Western Albuquerque Land Holdings LLC, a Delaware limited liability company has, pursuant to the Act and the City Policy Guidelines, submitted to the City of Albuquerque (the “City”) a petition for formation (the “Petition”) of the Lower Petroglyphs Tax Increment Development District (the “District”), together with documents submitted to the City in support of the Petition (the “Application”); and
WHEREAS, the Petition and Application request the formation by the City of the District in order to finance public infrastructure that directly or indirectly benefits or otherwise facilitates development within the approximately 336 acres of land known collectively as the Town Center and the Town Center Village; and
WHEREAS, the Application includes, among other things, (i) a proposed tax increment development plan for the District (the “Tax Increment Development Plan”), including all information required pursuant to NMSA 1978, § 5-15-5 (2006) and Section 5(F) of the City Policy Guidelines, which Tax Increment Development Plan has been filed with the City Clerk, and (ii) a study of the feasibility, the financing and the estimated costs of improvements, services and benefits to result from the formation of the proposed District, and all other applicable information required by NMSA 1978, § 5-15-4 (2009) and Sections 5(E)&(G) and 7(D)&(E) of the City Policy Guidelines (the “Financial Feasibility Study”); and
WHEREAS, the Petition contains the signatures of the owners of one hundred percent (100%) of the real property to be included in the District and states that those owners waive the right to an election for formation of the District; and
WHEREAS, the Application contains evidence that there is no resident qualified elector or any other person located on the real property to be included in the District; and
WHEREAS, the City Council intends to consider for adoption a resolution ordering the formation of the District as provided by NMSA 1978, § 5-15-4 (2009) and NMSA 1978, § 5-15-7 (2006) and Section 6(H) of the City Policy Guidelines.
BE IT RESOLVED BY THE COUNCIL, THE GOVERNING BODY OF THE CITY OF ALBUQUERQUE:
Section 1. The Petition and Application are hereby accepted for further proceedings to be held at a public hearing as set forth in Section 6 of this Resolution. The Tax Increment Development Plan is hereby approved for purposes of NMSA 1978, § 5-15-4(A) (2009), subject to further proceedings of the City Council.
Section 2. The area to be included within the District is described in the map of the District included as part of the Tax Increment Development Plan.
Section 3. The purpose for which the District is to be formed is to finance the costs of public improvements, as that term is defined in NMSA 1978, § 5-15-3(R) (2006), in accordance with the Tax Increment Development Plan.
Section 4. The Tax Increment Development Plan has been filed with the City Clerk and includes a map depicting the boundaries of the tax increment development area of the District and real property proposed to be included in that area.
Section 5. As proposed, the District may:
A. impose a tax levy in an amount not to exceed $5.00 per $1,000 of net taxable value of taxable property within the District;
B. determine the amount, timing and form of financing mechanisms necessary to implement the Tax Increment Development Plan, which may include bonds, loans, advances and other indebtedness to be paid from the revenues generated by up to seventy-five percent (75%) of the gross receipts tax increments of each municipal and/or county local option gross receipts tax, state-shared distribution pursuant to NMSA 1978, § 7-1-6.4 (2006), municipal hold harmless distribution pursuant to NMSA 1978, § 7-1-6.46 (2013), county hold harmless distribution pursuant to NMSA 1978, § 7-1-6.47 (2013), and/or state gross receipts tax generated within the District, and/or up to seventy-five (75%) of the property tax increment generated within the District; and
C. issue one or more series of revenue bonds secured by up to seventy-five percent (75%) of the gross receipts tax increments of each municipal and/or county local option gross receipts tax, state-shared distribution pursuant to NMSA 1978, § 7-1-6.4 (2006), municipal hold harmless distribution pursuant to NMSA 1978, § 7-1-6.46 (2013), the county hold harmless distribution pursuant to NMSA 1978, § 7-1-6.47 (2013), and/or state gross receipts tax generated within the District, and/or up to seventy-five (75%) of the property tax increment generated within the District.
Section 6. A public hearing for the formation of the District pursuant to the Act is required and shall be held on May 1, 2017 which date is more than 30 days and less than 60 days after the adoption of this Resolution.
Section 7. Pursuant to NMSA 1978, § 5-15-6 (2009), the City Clerk is hereby authorized and directed to cause to be published, in the Albuquerque Journal, a newspaper of general circulation within the City in which the proposed District is located, a notice of the public hearing in substantially the following form:
PUBLIC NOTICE
CITY OF ALBUQUERQUE, NEW MEXICO
NOTICE OF MEETING AND PUBLIC HEARING
The City Council of the City of Albuquerque, New Mexico hereby gives notice of its meeting scheduled for Monday, May 1, 2017 at 5:00 p.m. in the City Council Chambers, at One Civic Plaza N.W., Albuquerque, New Mexico, which is the regular meeting place of the City Council. At such meeting the City Council will hold a public hearing concerning the adoption of a resolution relating to the formation of the Lower Petroglyphs Tax Increment Development District (the “District”) pursuant to the Tax Increment for Development Act, NMSA 1978, §§ 5-15-1 to -28 (2006, as amended). The City Council may consider and take other necessary action relating to the formation of the District and other business which may come before the Council. The title of the proposed resolution is as follows:
APPROVING THE PETITION OF WESTERN ALBUQUERQUE LAND HOLDINGS LLC FOR FORMATION OF THE LOWER PETROGLYPHS TAX INCREMENT DEVELOPMENT DISTRICT PURSUANT TO THE TAX INCREMENT FOR DEVELOPMENT ACT, NMSA 1978, §§ 5-15-1 TO -28 (2006, AS AMENDED) AND SECTIONS 4-10-1 TO 8 ROA 1994; MAKING FINDINGS IN CONNECTION WITH THE PETITION AND SUPPORTING DOCUMENTATION REQUESTING APPROVAL OF THE FORMATION OF THE DISTRICT; DETERMINING THE REAL PROPERTY TO BE INCLUDED WITHIN THE DISTRICT AND THE PURPOSE FOR WHICH THE DISTRICT IS BEING FORMED; APPROVING THE APPLICATION, PETITION, FINANCIAL FEASIBILITY STUDY AND DEVELOPMENT AGREEMENT FOR IMPLEMENTATION OF THE DISTRICT; RATIFYING THE TAX INCREMENT DEVELOPMENT PLAN APPROVED FOR CONSIDERATION IN CONNECTION WITH THE FORMATION OF THE DISTRICT; DEDICATING UP TO SEVENTY-FIVE PERCENT (75%) OF THE GROSS RECEIPTS TAX INCREMENT REVENUE AND UP TO SEVENTY-FIVE PERCENT (75%) OF THE PROPERTY TAX INCREMENT REVENUE FOR THE FINANCING OF PUBLIC INFRASTRUCTURE FOR THE DISTRICT AS PROVIDED IN THE DEVELOPMENT AGREEMENT; ESTABLISHING PARAMETERS FOR THE ISSUANCE OF DISTRICT BONDS; PROVIDING FOR GOVERNANCE OF THE DISTRICT THROUGH THE APPOINTMENT OF MEMBERS OF THE GOVERNING BODY OF THE DISTRICT; PROVIDING THAT BONDS OF THE DISTRICT AND OTHER OBLIGATIONS OF THE DISTRICT SHALL NOT BE OBLIGATIONS OF THE CITY OF ALBUQUERQUE; RATIFYING CERTAIN ACTIONS HERETOFORE TAKEN; REPEALING ALL ACTIONS INCONSISTENT WITH THIS RESOLUTION.
A summary of the subject matter of the Resolution is contained in its title. Complete copies of the proposed resolution are on file in the Office of the City Clerk at 600 2nd NW, Albuquerque, New Mexico 87102 and are available for inspection during regular office hours.
The formation of the District is proposed and will be considered by the City Council at the above-referenced meeting, which will be open to the public. Persons wishing to object or comment on the proposed resolution and the matters within its scope may provide objections or comments in person at the meeting or may provide objections or comments in writing, to the City Clerk at the address stated above, and actually received by the City Clerk at least one business day before the date of the meeting.
The attached map depicts the geographical boundaries of the area proposed for inclusion in the District.
A tax increment development plan for District is on file with the City Clerk at the address stated above and may be reviewed upon request.
A copy of the application requesting the formation of the District by the City is on file in the office of the City Clerk at the address stated above and available for inspection during regular office hours and is also available electronically on the City’s website at http://www.cabq.gov/.
This Notice constitutes compliance with NMSA 1978, § 5-15-6 (2009).
Section 8. The City Clerk shall cause notice of the public hearing, as set forth in Section 7 above, to be published once each week for two consecutive weeks in the Albuquerque Journal. The City Clerk shall obtain an affidavit from the Albuquerque Journal after each publication is made and shall cause the affidavits to be placed in the official records of the City.
Section 9. The notice of the public hearing shall also be posted by the City in a prominent location on property located within the proposed District for fourteen days prior to the hearing.
Section 10. No later than ten days prior to the public hearing, the City Clerk shall provide written notice of the public hearing via registered or certified United States mail, postage prepaid to:
A. all owners of real property within the proposed District;
B. all persons claiming an interest in the real property within the proposed District who have filed a written request for a copy of the notice within the six months preceding or at any time following the adoption of this Resolution; and
C. the secretary of taxation and revenue, the secretary of finance and administration and the director of the legislative finance committee.
Section 11. If the City Clerk is informed of a transfer of ownership of real property within the proposed District and obtains the name and address of the current property owner, the City Clerk shall mail a copy of the notice of the public hearing, inclusive of the summary of the resolution, as soon as practicable after learning of the transfer.
Section 12. Within ten days following the date of adoption of this Resolution, the City shall:
A. notify the secretary of taxation and revenue, the secretary of finance and administration and the director of the legislative finance committee of the governing body's action and such notice shall include a copy of this Resolution; and
B. cause the Application and resolution materials, including fiscal and economic studies, to be made available electronically to the public.
Section 13. The formation of the District may result in the use of gross receipts tax increments and property tax increments to pay costs associated with the construction of public improvements, as that term is defined in NMSA 1978, § 5-15-3(R) (2006).
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