Albuquerque expands access to business incentives to boost downtown area

ALBUQUERQUE, NM – The Albuquerque Development Commission approved a new Redevelopment Property Tax Abatement program, which provides for the restructuring of the current Metropolitan Redevelopment Bonds (MR Bonds) to a more business-friendly tax abatement incentive.

According to the City Council, the new program will prioritize sustainable projects that benefit working neighborhoods and local development teams and contractors.

“Changes to the MR Bond process will allow smaller developers to access the incentives, thereby increasing the pool of potential redevelopment participants,” said Philip Juno Raby, principal of New Urban Investments, LLC.

He added that the biggest obstacle has been the cost of financing the incentives, so by significantly reducing the tax portion, it will be able to cast a wider net, attracting more developers and spurring robust redevelopment in Albuquerque.

The primary goal of the redevelopment tax abatement is to reduce the cost of project financing and ultimately attract more development to the downtown area.

“This program will drive community revitalization and provide significant benefits to our community. We are headed in the right direction-continuing and advancing the catalytic change our city needs for future prosperity,” said Metropolitan Redevelopment Agency Manager Karen Iverson.

Albuquerque Mayor Tim Keller assured that the projects seek to revitalize and build urban community, which is a key part of economic recovery. “We want to make it easier for our local businesses and builders to get into the weeds and help raise up a thriving urban center,” he said.

Source: MEXICONOW Staff