City proposes new business districts to reinvest in downtown Albuquerque

ALBUQUERQUE, N.M. — City leaders are proposing two new business and tax incentive districts to reinvest money in downtown Albuquerque.

Mayor Tim Keller, city and business leaders and downtown property owners outlined this Wednesday. They describe it as “a game plan to change the trajectory of Downtown Albuquerque.”

That game plan involves two initiatives: A Downtown Business Improvement District (BID) and a Downtown Tax Increment Financing (TIF) district.

“The best thing we can do for downtown is to give the community the funding and the ability to build their own future, not subject to politicians, election cycles, or City bureaucracy,” the mayor said. “I’ve loved downtown my whole life, and know there are so many things that make it great. Like concerts at the El Rey, late night food at Sister, and the occasional massive street concert. These changes will help us be the best partner we can be, so that we can keep what we love about our downtown. And invest in its future.”

According to the city, the TIF District could produce $200 million over 20 years. Leaders say they could reinvest that money into downtown properties, businesses, and other activities.

The BID would be funded by an assessment on participating property owners. A private board of directors would govern it. The board could make deals with the city for things like parking, security and street cleaning as well.

“This approach is a recipe for success in rejuvenating downtowns across the country,” said Terry Brunner, the director of the Metropolitan Redevelopment Agency. “It’s a reliable and sustainable way forward for Albuquerque’s downtown and will create opportunities for transformative investments.”

“I thank MRA staff for their work at finding funding for our downtown capital projects a year earlier than expected,” District 2 Councilor Joaquín Baca said. “This helps the city get a head start on some very important improvements here Downtown.”

The city is hoping to send legislation to City Council soon. They hope this will help improve quality of life downtown and hold absentee and out of state landlords accountable.