City of Albuquerque
File #: O-24-68   
Type: Ordinance Status: Adopted
File created: 12/16/2024 In control: Finance & Government Operations Committee
Final action: 2/3/2025
Enactment date: Enactment #:
Title: C/S Amending The Metropolitan Redevelopment Agency Ordinance Related To City Requirements For Tax Increment Financing (Grout)
Sponsors: Renée Grout
Attachments: 1. O-68, 2. O-68 Approved CS - Grout, 3. O-68 Approved CS Redline - Grout
Date Action ByActionResultAction Details
2/3/2025 City Council AmendedPass Action details
2/3/2025 City Council Passed as AmendedPass Action details
2/3/2025 City Council AmendedPass Action details
2/3/2025 City Council AmendedPass Action details
2/3/2025 City Council MotionPass Action details
2/3/2025 City Council AmendedPass Action details
2/3/2025 City Council AmendedPass Action details
2/3/2025 City Council AmendedPass Action details
1/22/2025 City Council Accepted Without Recommendation, As Substituted  Action details
1/13/2025 Finance & Government Operations Committee Sent to Council Without Recommendation, as substitutedPass Action details
1/13/2025 Finance & Government Operations Committee SubstitutedPass Action details
12/16/2024 City Council Introduced and Referred  Action details
12/16/2024 President Referred  Action details
CITY of ALBUQUERQUE
TWENTY SIXTH COUNCIL


COUNCIL BILL NO. C/S O-24-68 ENACTMENT NO. ________________________

SPONSORED BY: Ren?e Grout


ORDINANCE
title
C/S Amending The Metropolitan Redevelopment Agency Ordinance Related To City Requirements For Tax Increment Financing (Grout)
body
WHEREAS, local governments are permitted to capture tax increment in established Metropolitan Redevelopment Areas ("MRA") pursuant to the Metropolitan Redevelopment Code, NMSA 1978, Sections 3-60A-1 et seq.; and
WHEREAS, local governments are permitted to use the Tax Increment Financing generated within an MRA consistent with the adopted Metropolitan Redevelopment Plan for the MRA; and
WHEREAS, the successful implementation of Tax Increment Financing requires clear governance structures to ensure accountability, equitable decision-making, and alignment with the goals of the Metropolitan Redevelopment Plan; and
WHEREAS, transparency in the use of TIF funds fosters public trust and ensures that stakeholders are informed about the allocation and outcomes of tax increment revenues; and
WHEREAS, establishing measurable performance standards within TIF districts enables the City to evaluate progress effectively and adjust strategies to achieve redevelopment goals;
WHEREAS, the proposed amendments align with the City of Albuquerque's commitment to revitalizing underutilized areas and supporting economic growth; and
WHEREAS, enhancing the strategic planning of TIF districts contributes to the stability and growth of the City's tax base, ensuring redevelopment efforts that align with long-term community goals and economic priorities.
BE IT ORDAINED BY THE COUNCIL, THE GOVERNING BODY OF THE CITY OF ALBUQUERQUE:
SECTION 1. ROA 1994, Section 14-8-4-7(D), Activities to be Undertaken Pursuant to Statutory Authority, of the Metropolitan Redevelopment Agency Ordinance is hereby amended as follows:
(D) With respect to tax increment fina...

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