City of Albuquerque
File #: R-24-103   
Type: Resolution Status: In Council - Final Action
File created: 11/4/2024 In control: City Council
Final action:
Enactment date: Enactment #:
Title: Approving The Downtown 2025 Metropolitan Redevelopment Area For Property Tax Increment Financing; Approving The 2004 West Central Metropolitan Redevelopment Area For Property Tax Increment Financing (Baca, by request)
Sponsors: Joaquin Baca (By Request)
Attachments: 1. R-103
CITY of ALBUQUERQUE
TWENTY-SIXTH COUNCIL


COUNCIL BILL NO. R-24-103 ENACTMENT NO. ________________________

SPONSORED BY: Joaquin Baca, by request


RESOLUTION
title
Approving The Downtown 2025 Metropolitan Redevelopment Area For Property Tax Increment Financing; Approving The 2004 West Central Metropolitan Redevelopment Area For Property Tax Increment Financing (Baca, by request)
body
WHEREAS, the State of New Mexico has enacted the Metropolitan Redevelopment Code (herein the "Code"), Chapter 3, Article 60A, Sections 1 - 49 NMSA 1978, as amended, which authorizes the City of Albuquerque, New Mexico (herein the "City") to prepare and amend metropolitan redevelopment plans to undertake and carry out metropolitan redevelopment projects; and
WHEREAS, the City has adopted the Metropolitan Redevelopment Agency Ordinance (herein the "Ordinance") ROA 1994, Chapter 14, Article 8, Part 4, as amended, which creates the Metropolitan Redevelopment Agency (herein the "MRA") and delegates from the Albuquerque City Council (herein the "Council") to the MRA the exercise of certain metropolitan redevelopment project powers set forth in the Code; and
WHEREAS, the State of New Mexico has amended certain provision of the Code, Chapter 3, Article 60A, Sections 19 - 24, NMSA 1978 (herein the "Tax Increment Law"), effective on January 1, 2025, which authorizes the City to designate Metropolitan Redevelopment Areas (herein the "MR Areas") for tax increment financing from property tax increment for a period of up to 20 years; and
WHEREAS, the Tax Increment Law authorizes the City to designate a portion of property tax increment for the purpose of funding a metropolitan redevelopment project, after a metropolitan redevelopment plan is approved; and
WHEREAS, the City enacted Resolution R-24-46 (Enactment no. R-2024-016) recognizing the authority of the MRA to carry out tax increment financing as permitted by the Tax Increment Law; and
WHEREAS, the Cit...

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