New Mexico Sun

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Terri Cole President and CEO | Greater Albuquerque Chamber of Commerce

Governor's initiative seeks to revitalize New Mexico State Fairgrounds

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A plan to redevelop the New Mexico State Fairgrounds is underway, aiming to boost economic development in the area. The initiative follows the recent legislative session, where the State Fairgrounds District Act was supported by the Greater Albuquerque Chamber of Commerce and signed into law by Governor Michelle Lujan Grisham. This act aims to revitalize 236 acres of state-owned land in Albuquerque.

Terri Cole, president and CEO of the Greater Albuquerque Chamber of Commerce, has been actively involved in supporting Senate Bill 480, which established a board and funding mechanism for this project. "The Chamber has been involved in this issue for years," she said. "I can tell you from personal experience this is the most well-conceived and credible of all the attempts made."

The fairgrounds have seen better days; decades ago, they hosted one of the largest state fairs in the country. Today, however, Governor Lujan Grisham notes that the area has become an "epicenter of crime in New Mexico — with murders, arson, pedestrian fatalities, drug use, cartel activity, human trafficking and homelessness."

On July 3rd, Gov. Lujan Grisham joined Albuquerque Mayor Tim Keller and other officials as they began working on plans to re-envision and rebuild the fairgrounds. The governor favors a mixed-use neighborhood but insists any decision must be data- and community-driven.

Senate President Pro Tem Mimi Stewart sponsored legislation creating a Tax Increment Development District (TIDD) for funding. Starting July 1st, 2025, it will capture 75% of gross receipts and gaming taxes from the fairgrounds—about $12 million annually—and has authority to issue bonds up to $500 million.

Several redevelopment scenarios are being considered:

1. The State Fair moves while keeping track facilities.

2. Both State Fair and track facilities move.

3. Only track facilities move while retaining the State Fair at its current site.

If relocation occurs, Lujan Grisham emphasizes that it should remain within central New Mexico.

Preliminary analysis suggests redevelopment could generate billions in economic activity over six years: construction alone would create $2.1 billion worth; commercial tenants like retailers or tech firms might produce another billion annually through receipts providing more than four thousand jobs.

Gov. Lujan Grisham's explanation states: “Albuquerque is only city southwest losing population post-pandemic... Any survey concludes largest business opportunity horizon."

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