Today, Mayor Tim Keller and city leaders joined business leaders and downtown property owners to outline a plan aimed at changing the trajectory of Downtown Albuquerque. Two pivotal initiatives were announced: a Downtown Business Improvement District (BID) and a Downtown Tax Increment Financing (TIF) district. These initiatives aim to transform the economic landscape of downtown, empowering the community while reducing government intervention.
“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,” said Mayor Tim Keller. “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.”
The city plans to send legislation to City Council aimed at improving quality of life downtown and holding absentee and out-of-state landlords accountable.
The implementation of a Tax Increment Financing (TIF) District is moving forward. This tool harnesses growth increments in city and county property taxes as well as gross receipts taxes from various levels of government. A downtown TIF could generate $200 million over 20 years for reinvestment in properties, businesses, and other activities. The city can implement a property tax-based TIF immediately, followed by a Gross Receipts revenues TIF when state applications open early in 2025.
Additionally, the city is working with downtown business owners to organize a Business Improvement District (BID). BIDs are funded by assessments on participating property owners and governed by a board of directors. Under this structure, services such as parking, security, and street cleaning can be managed autonomously by property owners according to their needs.
"I thank MRA staff for their work at finding funding for our Downtown Capital projects a year earlier than expected," said District 2 Councilor Joaquín Baca. "This helps the city get a head start on some very important improvements here Downtown."
“This approach is a recipe for success in rejuvenating downtowns across the country,” said MRA Director Terry Brunner. “It’s a reliable and sustainable way forward for Albuquerque’s downtown and will create opportunities for transformative investments.”
The city invites the downtown community along with business and property owners to participate actively in this endeavor aimed at creating an economically thriving Downtown Albuquerque.
