City of Albuquerque
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File #: O-19-85   
Type: Ordinance Status: In Council - Final Action
File created: 10/21/2019 In control: City Council
Final action:
Enactment date: Enactment #:
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)
Attachments: 1. O-85
CITY of ALBUQUERQUE
TWENTY THIRD COUNCIL


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

SPONSORED BY: Cynthia D. Borrego, by request


ORDINANCE
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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 (Borrego, by request)
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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 property taxation purposes. The fee shall be paid to the City by the lessee each year that the City owns the property.]"
SECTION 2. Deposit of fees. All fees received by the City pursuant to subsection 14-8-4-9 ROA 1994 shall be deposited into the Metropolitan Redevelopment Fund (275) to support the ongoing operations of the Metropolitan Redeve...

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