CITY of ALBUQUERQUE
TWENTY SIXTH COUNCIL
COUNCIL BILL NO.
R-24-57 ENACTMENT NO. ________________________
SPONSORED BY: Tammy Fiebelkorn and Dan Lewis
RESOLUTION
title
Allowing The Bernalillo County Improvement Special Assessment Program To Operate Within The City Of Albuquerque (Fiebelkorn and Lewis)
body
WHEREAS, in 2023, the New Mexico legislature passed the Improvement Special Assessment Act, NMSA 1978, Section 4-55D-1 through 4-55D-10 (the "Act"), which allows counties to establish Improvement Special Assessment programs; and
WHEREAS, the Act allows owners of eligible commercial property to obtain long-term financing from private Capital Providers for qualifying energy efficiency, renewable energy, water conservation, and resiliency improvements for qualifying buildings; and
WHEREAS, Improvement Special Assessment programs encourage more efficient and resilient buildings; and
WHEREAS, voluntary Special Assessment Financing is secured by a senior lien on the property recorded by the County and repaid to the Capital Provider (defined in Bernalillo County's Ordinance) through the levy of a voluntary assessment collected by the Capital Provider; and
WHEREAS, property taxes assessed by the County on eligible property benefited by improvements remain superior to the Special Assessment Lien (defined in Bernalillo County's Ordinance); and
WHEREAS, assessments for Special Assessment Financing is non-accelerating, meaning only current or past due payments can be collected, while future payments are the responsibility of whomever owns the property at the time; and
WHEREAS, the Improvement Special Assessment repayment obligation transfers automatically to the next owner if the property is sold, spreading the cost of qualifying improvements over the useful life of the measures; and
WHEREAS, Bernalillo County has established an Improvement Special Assessment program; and
WHEREAS, an Improvement Special Assessment...
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