City of Albuquerque - File #: O-19-85

• File #: O-19-85
• Type: Ordinance
• Status: Enacted
• File created: 10/21/2019
• In control: City Council
• Final action: 1/22/2020
• Enactment date: 2/10/2020
• Enactment #: O-2020-003
• Title: Amending The Metropolitan Redevelopment Agency (MRA) Ordinance (Section 14-8-4-1 et. seq.) To Include In All Lease Agreements For Metropolitan Revenue Bond Funded Projects, An Annual Fee Equivalent To Ten Percent Of The Annual Abated Property Taxes On The Incremental Property Valuation, And To Direct The Deposit Of The Fee Into The MRA Account (Borrego, by request)

Date	Action By	Action	Result
2/10/2020	City Clerk	Published
2/6/2020	Mayor	Signed by the Mayor
1/22/2020	City Council	Passed	Pass
12/16/2019	City Council	Postponed	Pass
12/2/2019	City Council	Postponed	Pass
10/21/2019	City Council	Introduced and Referred
10/21/2019	President	Referred

CITY of ALBUQUERQUE
TWENTY THIRD COUNCIL


COUNCIL BILL NO. O-19-85 ENACTMENT NO. ________________________

SPONSORED BY: Cynthia D. Borrego, by request


ORDINANCE
title
Amending The Metropolitan Redevelopment Agency (MRA) Ordinance (Section 14-8-4-1 et. seq.) To Include In All Lease Agreements For Metropolitan Revenue Bond Funded Projects, An Annual Fee Equivalent To Ten Percent Of The Annual Abated Property Taxes On The Incremental Property Valuation, And To Direct The Deposit Of The Fee Into The MRA Account (Borrego, by request)
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AMENDING THE METROPOLITAN REDEVELOPMENT AGENCY (MRA) ORDINANCE (SECTION 14-8-4-1 ET. SEQ.) TO INCLUDE IN ALL LEASE AGREEMENTS FOR METROPOLITAN REVENUE BOND FUNDED PROJECTS, AN ANNUAL FEE EQUIVALENT TO TEN PERCENT OF THE ANNUAL ABATED PROPERTY TAXES ON THE INCREMENTAL PROPERTY VALUATION, AND TO DIRECT THE DEPOSIT OF THE FEE INTO THE MRA ACCOUNT.
BE IT ORDAINED BY THE COUNCIL, THE GOVERNING BODY OF THE CITY OF ALBUQUERQUE:
SECTION 1. ADDING A NEW SECTION, SECTION 14-8-4-9, AS FOLLOWS:
"? 14-8-4-9 LEASE FEE.
(A) Annual Metropolitan Redevelopment Lease Fee. All lease agreements for real property leased for the purpose of facilitating a metropolitan redevelopment project financed by metropolitan redevelopment revenue bonds shall include a provision requiring the lessee to pay the City, in addition to any other monetary obligations under the lease, an annual fee equivalent to ten percent of the annual incremental abated taxes. The incremental abated value shall be equivalent to the difference in the property valuation for property taxation purposes that existed in the year immediately preceding the year of acquisition by the City and the property valuation for property taxation purposes each year the City owns the property. The annual fee will be equivalent to 10% of the current total property tax mill rate for the incremental abated value had the property not been exempt and had it been valued for...