scp-photo

Expanding Access to Downtown Business Incentives

Recommended revisions lower barriers and costs of developing downtown

March 17, 2022

The Albuquerque Development Commission has approved a new Redevelopment Property Tax Abatement program which outlines the restructuring of current Metropolitan Redevelopment Bonds (MR Bonds) to a more business-friendly, efficient tax abatement incentive. The new program prioritizes sustainable projects that benefit the neighborhood, and local development and contractor teams.

“The changes to the MR Bond process will enable smaller developers to access the incentives, thereby increasing the pool of potential participants in the redevelopment,” said Philip Juno Raby, principal at New Urban Investments, LLC. “The biggest hurdle is the cost of the incentive financing, and lowering that significantly will cast the net much wider, bringing more developers to the table and spurring robust redevelopment in Albuquerque.”

The main objective of the Redevelopment Tax Abatement is to reduce the cost of project financing, and ultimately bring more development to downtown Albuquerque.

“This program will boost community revitalization and provide meaningful benefits for our community,” said Metropolitan Redevelopment Agency Manager Karen Iverson. “We’re headed in the right direction—continuing and advancing the catalytic change our city needs for future prosperity.”

“We want to make it easier for our homegrown businesses and builders to get in the weeds and help raise a thriving urban center,” said Mayor Keller. “MRA projects are launch points for revitalization and urban community building, which is a key part of our shared vision for the Duke City and for our economic recovery.”