Metropolitan Redevelopment Agency
The Metropolitan Redevelopment Agency promotes redevelopment and economic revitalization in distressed neighborhoods. This is accomplished through strategic planning, creating metropolitan redevelopment areas, working with community groups and leaders to establish their priorities, purchasing property for projects that can act as an anchor for other new development in the area, issuing requests for proposals (RFPs) to develop the City owned property and then setting up public/private partnerships where the private sector is the developer.
Recent Projects
Through the powers granted by State Redevelopment Law the Metropolitan Redevelopment Agency partners with private developers to revitalize communities, attract private investment, renovate historic structures, and create unique and iconic destinations. MRA projects often have a catalytic impact on the surrounding community by reducing crime, increasing street level activity, and spurring reinvestment in the surrounding area.
Redevelopment Tools
Metropolitan Redevelopment Bonds
Metropolitan Redevelopment Bonds (MR Bonds) are a financing mechanism to support projects within Metropolitan Redevelopment Areas. Projects must meet the goals of the adopted Metropolitan Redevelopment Plan and result in the elimination or prevention of slum and blight, in accordance with NM Statute, Section 3 Article 60A. The City does not provide financing or credit enhancement for the bonds. The applicant is responsible for identifying the bond purchaser and negotiating the rates and terms. Metropolitan Redevelopment Bonds are taxable.
Metropolitan Redevelopment Bonds also provide a seven-year property tax abatement on the incremental property taxes. Property owners continue to pay the pre-development tax amount to the County Assessor. All land uses are eligible for a Metropolitan Redevelopment Bond, as long as the project is found by the City Council to meet the criteria described in this application.
Impact Fee Waivers
All projects located within a Metropolitan Redevelopment Area all eligible for a waiver of City of Albuquerque impact fees. This does not apply to Water or Sewer Impact Fee’s assessed by the Albuquerque Bernalillo County Water Utility Authority.
Brownfield Revolving Loan Fund (RLF)
The City of Albuquerque has an EPA Brownfields Revolving Loan Fund to issue low-interest loans to qualified developers. The program goal is to encourage the redevelopment of contaminated properties in our community. As repayments are made, the funds are revolved, enabling the Brownfield Program to provide additional loans to borrowers. Applications are accepted on an ongoing basis and loans are made based on the availability of funding. For more information please view the documents below:
Additional Resources