Doug Majewski, chair of the Greater Albuquerque Chamber of Commerce's Downtown Transformation Bold Issue Group and CEO of Hartman + Majewski, testified in support of a proposed Tax Increment Financing (TIF) for Downtown Albuquerque during a City Council meeting on December 16. The TIF proposal aims to span 20 years and reinvest property tax growth from the area back into its development.

The city explained that tax increment financing is commonly used to revitalize downtown areas in other cities. The new state law permits up to 75% of the growth increment from city, county, and state gross receipts taxes to be reinvested in the area over the same period.

Majewski emphasized that vibrant downtowns are crucial for successful cities as they require investment in housing, shopping, dining options, entertainment venues, public transit, and open spaces. "To be clear – this is not about picking Downtown over other parts of town," he stated. "Councilor Baca’s proposed TIF can – and should – be applied to other areas."

He also highlighted that the TIF program does not involve any tax increase under either the gross receipts tax mechanism or property tax.

The City Council introduced seven amendments to the bills. These included appointing a body to oversee the TIF program and report back for approval and setting a $100,000 benchmark for council approval on expenditures. They agreed on further amendments as needed throughout the program's implementation over the next decade.

Both TIF bills were approved unanimously by the City Council with these amendments.