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 h...
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