2009 SB 249 Westland Tax Increment Project Bonds

CVNM Position:

Oppose

Year:

2009

Sponsors:

Linda M. Lopez

Topics:

Land

Legislative Info:

SB 249 on nmlegis.gov »

Description

SB249 authorizes a massive ($408 million) bond issue to provide infrastructure to a sprawl development on Albuquerque’s west mesa. The bond would be serviced by diverting gross receipts tax revenues that would otherwise accrue to the state. Not only are these types of “greenfield” Tax Increment for Development Districts (TIDDs) bad public policy from a land use and water planning perspective, but they also deprive the Legislative and Executive branches from any oversight or discretion over the diverted revenues for more than 25 years.

Outcome

Defeated in the House.