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F I S C A L I M P A C T R E P O R T

SPONSOR Silva

ORIGINAL DATE

LAST UPDATED

1/31/07

HB 648

SHORT TITLE Albuquerque West Central Corridor Development

SB

ANALYST Propst

APPROPRIATION (dollars in thousands)

Appropriation

Recurring

or Non-Rec

Fund

Affected

FY07

FY08

$250.0

Recurring

General Fund

(Parenthesis ( ) Indicate Expenditure Decreases)

Duplicates HB 737

SOURCES OF INFORMATION

LFC Files

Responses Received From

Department of Finance and Administration (DFA)

SUMMARY

Synopsis of Bill

House Bill 648 makes an appropriation of $250.0 from the General Fund to the Local

Government Division of the Department of Finance and Administration for economic

development along the west Central corridor in Albuquerque.

FISCAL IMPLICATIONS

The appropriation of $250.0 contained in this bill is a recurring expense to the General Fund.

Any unexpended or unencumbered balance remaining at the end of FY08 shall revert to the

General Fund.

House Bill 648 – Page

2

SIGNIFICANT ISSUES

The money from HB 648 will be spent in FY08 to promote the economic development and

revitalization of the west central corridor in the City of Albuquerque. The west central corridor is

an area described as one city block out on each side of Central Avenue from Tingley Beach just

west of the Rio Grande Bridge on Central West to Unser Boulevard. A portion of the economic

development and revitalization effort is to attract developers and new companies who will locate

and conduct business in the west central corridor. Collaboration between ten neighborhood

associations, two merchant associations and the City of Albuquerque will be the strategy for

utilizing this money for economic development and revitalization in the most effective manner.

The City of Albuquerque has plans under way for the development of ten acres at Unser

Boulevard and Central Avenue to include streetscape and landscape. The next step will involve

utilizing the $250.0 appropriation to attract companies to locate on these ten acres within the

west central corridor.

CONFLICT, DUPLICATION, COMPANIONSHIP, RELATIONSHIP

Duplicates HB 737

WEP/nt