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Albuquerque in the Running for $25M Development Grant from Boston-Based Investor Group

City submitted proposal targeting Rail Trail in Downtown Opportunity Zone

September 12, 2020

The City of Albuquerque is in the running to be awarded $25 million in Opportunity Zone investment capital from Arctaris Impact Investors. The Boston-based group is expected to choose at least 10 locations across the country for the funding.

The Arctaris Place-Based Opportunity Zone Investment Initiative seeks proposals identifying local projects that promote economic development in low- to moderate-income communities in qualifying census tracts. The City’s proposal, submitted by Albuquerque’s Economic Development Department, focuses on enhancing the Rail Trail, a multimodal public art esplanade located in the Downtown Opportunity Zone.

“The Rail Trail will help us unlock redevelopment potential throughout the Downtown corridor while bringing much needed infrastructure, housing, and jobs to the area. We’re also working to build in smart community technologies to benefit residents and businesses,” said Mayor Tim Keller. “Albuquerque checks many of the boxes in Arctaris’ portfolio, and our proposal aligns well with their social responsibility values and vision for economic impact.”

Arctaris plans to award each recipient $25 million or more of Opportunity Zone capital, with 80 percent contributed by Arctaris and 20 percent in localized match dollars from government, philanthropic, or business partners.

An Opportunity Zone is an economically-distressed community where private investments, under certain conditions, may be eligible for capital gain tax incentives. Albuquerque has 14 Opportunity Zones and the City’s Economic Development Department has developed an interactive online map to identify and visualize properties for development throughout the city (www.ABQopportunity.com). A long-term investment in one or more of Albuquerque’s Opportunity Zones has the capacity to vastly improve economic conditions and quality of life in low-income neighborhoods while earning returns for an investor.

“While Arctaris’ RFP process is highly competitive, the Economic Development Department knows that investors seek secure, safe, healthy, resilient cities as partners when analyzing their choices. Albuquerque meets that criteria, and we provide high-value for their investment dollars,” said Synthia Jaramillo, Economic Development Director.

The Arctaris Opportunity Zone Fund was launched in 2019 with the intent to invest across the 8,700+ Opportunity Zones in all 50 states and U.S. territories

Awards are anticipated to be announced by June 2021.

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