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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
2-1-06
HB 502
SHORT TITLE
BERNALILLO COUNTY REDEVELOPMENT
PROGRAM
SB
ANALYST Hadwiger
APPROPRIATION (dollars in thousands)
Appropriation
Recurring
or Non-Rec
Fund
Affected
FY06
FY07
$50.0
Non-Rec
General Fund
(Parenthesis ( ) Indicate Expenditure Decreases)
SOURCES OF INFORMATION
LFC Files
Responses Received From
Department of Finance and Administration (DFA)
SUMMARY
Synopsis of Bill
House Bill 502 appropriates $50 thousand from the general fund to the Local Government Divi-
sion (LGD) of the Department of Finance and Administration (DFA) in FY07 to provide a com-
munity redevelopment program on West Central Avenue in Albuquerque in Bernalillo county.
FISCAL IMPLICATIONS
The appropriation of $50 thousand contained in this bill is a non-recurring expense to the general
fund. Any unexpended or unencumbered balance remaining at the end of FY07 would revert to
the general fund.
SIGNIFICANT ISSUES
DFA noted that the primary purpose of the Albuquerque Redevelopment Agency is to remove
blight from the three project areas that make up the Program on West Central Avenue. Addi-
tionally, the Program aims to utilize under-utilized and under-developed property. The city of
Albuquerque has participated in redevelopment projects such as the old Albuquerque High
School on Central Avenue and the International Market Place downtown.
pg_0002
House Bill 502 Page 2
DFA also indicated the city has invested $3,000,000 in land acquisition for the redevelopment
program in addition to $300,000 for the "neon gateway"---neon arch over street--- on West Cen-
tral Avenue. The city anticipates that it will take approximately three years to complete the re-
development program , which consists of three project areas. The three project areas include,
Unser and Central, Atrisco Plaza, and Old Cross and Central. DFA noted that voters did not ap-
prove the last bond issue, which was for the redevelopment of these areas.
ADMINISTRATIVE IMPLICATIONS
The administration of the appropriation would fall under LGD/DFA in FY07. LGD would coor-
dinate the administration of the program with the city of Albuquerque through a grant agreement.
DH/nt