CITY of ALBUQUERQUE
TWENTY SIXTH COUNCIL
COUNCIL BILL NO. C/S O-24-68 ENACTMENT NO. ________________________
SPONSORED BY: Ren?e Grout
ORDINANCE
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C/S Amending The Metropolitan Redevelopment Agency Ordinance Related To City Requirements For Tax Increment Financing (Grout)
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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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