Updated: December 03, 2019 06:39 AM
Created: December 02, 2019 10:29 PM
ALBUQUERQUE, N.M.— City councilors partnered with UNM officials to vote on the creation of a new tax financing plan that would go toward developing areas near UNM’s campus, Isotopes Stadium and The Pit.
UNM’s attempts at adding development in those areas have failed in the past, but city officials have agreed to join forces to help UNM’s effort.
“They’ve been looking at this for more than a decade and industry specialists tell them that now is the right time,” said Councilman Pat Davis.
Davis is a co-sponsor of the resolution alongside Councilman Isaac Benton.
The non-binding resolution, which passed Monday, would create a Tax Increment Development District (TIDD). Davis said that would mean developers would agree to build in those areas and then be reimbursed by the city’s sales or property tax.
The conceptual plans presented Monday show a town center with a grocery store and options for entertainment and dining. The plan also includes more parking, parks and trails.
“For those of us who live in that neighborhood, the chance to have a new grocery store, something, new activity like a movie theater is certainly going to bring more people to that neighborhood no matter what,” Davis said.
Others raised questions and concerns about the number of TIDD’s and the commitment.
“Is there a limit that we're setting in policy that yeah, we support our TIDD’S but yet, there's a place where everything goes to our future generations to pay for and that concerns me a little bit,” said councilwoman Cynthia Borrego.
The development is expected to create thousands of jobs and generate millions in revenue according to the presentation from the Lobo Development Corp.
UNM officials will also be asking the state and county to join in. They are expected to submit a master plan to the city council next summer.
Copyright 2019 - KOB-TV LLC, A Hubbard Broadcasting Company