Developers of proposed Albuquerque hotel want tax break
January 23, 2019 06:57 PM
ALBUQUERQUE, N.M. - Developers behind a new six-story hotel on Central near I-25 in Albuquerque are asking city leaders to approve a tax break.
Titan Development and the Maestas Development Group want city leaders to approve a seven-year tax abatement worth up to $26.4 million.
If approved, developers would only have to pay property taxes for the property is currently worth. That equals about $3,000 a year, according to officials with the City of Albuquerque’s planning department.
Once the project is finished and the abatement period is over, the city expects to collect more than $450,000 a year in property taxes.
“This is another one of those catalytic projects that once we have one part of the project developed it brings other businesses to the area,” City spokesperson Carmelina Hart said.
Hart said the project would be good for the area and the economy.
"With the redevelopment, it would bring density to the area, jobs, economic development and everything else that goes along with that," she said.
Updated: January 23, 2019 06:57 PM
Created: January 23, 2019 02:14 PM
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