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| SPONSOR: | Romero | DATE TYPED: | 3/09/99 | HB | |||
| SHORT TITLE: | Metropolitan Redevelopment Projects | SB | 499/aSWMC | ||||
| ANALYST: | Hadwiger | ||||||
| Recurring
or Non-Rec |
Fund
Affected | ||||
| FY99 | FY2000 | FY99 | FY2000 | ||
| $ 0.0 | |||||
(Parenthesis ( ) Indicate Expenditure Decreases)
| Subsequent
Years Impact |
Recurring
or Non-Rec |
Fund
Affected | ||
| FY99 | FY2000 | |||
| (indeter.) | Rec. | Local property taxes | ||
(Parenthesis ( ) Indicate Revenue Decreases)
Duplicates/Conflicts with/Companion to/Relates to HB637
SOURCES OF INFORMATION
LFC Files
Local Government Division, Department of Finance and Administration
Economic Development Department
SUMMARY
Synopsis of SWMC Amendment
The amendment deletes "an area with an historic overlay zoning designation in the downtown area
of ." It further expands the definition of "qualifying entity."
Synopsis of Bill
The bill would allow municipalities to dispose of real property that is part of a metropolitan redevelopment project at not less than its fair value "or as otherwise permitted by the Constitution of New Mexico and law." It also extends the allowable period for tax increment financing from ten to twenty years. It also expands the definition of "qualifying entity" under the Local Economic Development Act, to include "a business that is the developer of a metropolitan redevelopment project located in an area with an historic overlay zoning designation in the downtown area of a municipality that has a population of more than two hundred thousand according to the most recent federal decennial census and that is located in a class A county" (i.e. Albuquerque). The bill includes an emergency clause.
FISCAL IMPLICATIONS
According to the Local Government Division (LGD), with the increase in tax increment financing from 10 to 20 years, there will be an impact on property tax revenue that might have been realized by Bernalillo County, City of Albuquerque and Albuquerque Public Schools.
ADMINISTRATIVE IMPLICATIONS
The LGD anticipated a moderate impact on paperwork required for the establishment of qualifying entities. Also, tracking tax increment financing for an additional ten years will impose additional burden on the City of Albuquerque and Bernalillo County Assessor.
DH/njw