Doug Majewski, chair of the Greater Albuquerque Chamber of Commerce’s Downtown Transformation Bold Issue Group and CEO of Hartman + Majewski, spoke in favor of a proposed Tax Increment Financing (TIF) for Downtown Albuquerque. His testimony was delivered during the City Council’s Finance & Government Operations Committee meeting on November 25.

The committee, which oversees city finances and related matters, includes members Louie Sanchez (chairman), Dan Champine, Tammy Fiebelkorn, Dan Lewis, and Klarissa J. Peña. Proposals approved by this committee advance to the full Council.

Tax increment financing is a strategy often used to revitalize downtown areas in various cities. The proposed TIF for Downtown Albuquerque would last 20 years, using an "increment of the property tax growth in the area" for reinvestment. Additionally, a new state law permits up to 75% of growth from city, county, and state gross receipts taxes to be reinvested locally over this period.

Majewski emphasized that successful cities have vibrant downtowns with diverse economic bases. He stated that investment is crucial and that TIF can capture additional revenue for development projects. “To be clear – this is not about picking Downtown over other parts of town,” he said. “Councilor Joaquin Baca’s proposed TIF can – and should – be applied to other areas.”

He further noted that the program does not involve a tax increase: “There is no tax increase. Critical services continue to get their full tax share." Majewski added that it would help the Metropolitan Redevelopment Agency become self-sufficient.

The committee unanimously approved both property-tax and GRT TIFs with a 5-0 vote, advancing them to the full Council for consideration on December 2 or December 16.