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F I S C A L I M P A C T R E P O R T
SPONSOR Anderson
ORIGINAL DATE
LAST UPDATED
1/31/07
HB 737
SHORT TITLE Albuquerque West Central 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 648
SOURCES OF INFORMATION
LFC Files
Responses Received From
Department of Finance and Administration (DFA)
SUMMARY
Synopsis of Bill
House Bill 737 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.
SIGNIFICANT ISSUES
The money from HB 737 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
pg_0002
House Bill 737 – Page
2
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 648
WEP/nt