City of Albuquerque
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File #: R-19-202   
Type: Resolution Status: Adopted
File created: 10/21/2019 In control: City Council
Final action: 12/2/2019
Enactment date: Enactment #:
Title: Approving A Non-Binding Intent To Form A Tax Increment For Development District Comprised Of The University Of New Mexico's "South Campus", Thus Promoting Economic Development, Continued Cooperation Between The City Of Albuquerque And The University Of New Mexico, Incenting Potential Transit And Wise Energy Use, And Creating A Destination Sports And Entertainment District (Benton and Davis, by request)
Attachments: 1. R-202
CITY of ALBUQUERQUE
TWENTY THIRD COUNCIL


COUNCIL BILL NO. R-19-202 ENACTMENT NO. ________________________

SPONSORED BY: Isaac Benton and Pat Davis, by request


RESOLUTION
title
Approving A Non-Binding Intent To Form A Tax Increment For Development District Comprised Of The University Of New Mexico's "South Campus", Thus Promoting Economic Development, Continued Cooperation Between The City Of Albuquerque And The University Of New Mexico, Incenting Potential Transit And Wise Energy Use, And Creating A Destination Sports And Entertainment District (Benton and Davis, by request)
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WHEREAS, ? 4-10-6(C) of City Council Ordinance ? 4-10-1, et. seq. permits at Applicant's request for city staff to present to the City Council a non-binding resolution expressing the city's intent to proceed with the formation of a TIDD based on a preliminary application; and
WHEREAS, the City of Albuquerque and the University of New Mexico in
October of 2018 entered into an inter-governmental Memorandum of Understanding that recognizes the potential benefits to both governmental entities of the creation of a TIDD encompassing the University's land referred to as "South Campus" and presented by survey description as part of the application and which calls for a joint effort to investigate the possibility of creating a TIDD at South Campus, and potentially to be joint applicants for the
19 creation of the TIDD; and
WHEREAS, the applicant has presented to city staff sufficient information to satisfy all of the requirements of ? 4-10-6(C) of City Council Ordinance ? 4-10-1, 22 et. seq. including ownership of all property to be included in the TIDD, location and boundaries of the proposed TIDD, general description of the improvements to be constructed with TIDD financing with the associated estimated costs of construction, estimated principal amount of TIDD bonds proposed to be issued, estimated maximum annual debt service on the TIDD bonds, estimated annua...

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