I am writing today to announce the closure of the New Mexico Independent. After three and a half years of operation in New Mexico, the board of the American Independent News Network, has decided to shift publication of its news…
While environmental activists played their part yesterday during demonstrations at the capitol building, going so far as to dress up as solar panels and to sing the tune of “You Are My Sunshine,” their counterparts, the anti-cap-and-trade contingency who has…
Roughly one quarter of University of New Mexico students are unimpressed with the state’s flagship public school, according to a survey that questioned college students about their higher education experiences.
The New Mexico Board of Finance last week adopted new rules for the Tax Increment Development District (TIDDs) application process as well as how future proposals will be evaluated. The Independent laid out the issues in a piece published in July.
According to a press release by New Mexico Voices for Children:
The new rules give the board more oversight and will help to ensure that developers spend the tax money they receive in a way that benefits the public. A loose coalition of nonprofits that has raised concerns over the state’s TIDD statue, gave the new rules a fairly positive thumbs up.
The measure came before the board in July and action on the item was postponed till last week. Numerous nonprofit organizations had submitted comments and recommendations urging the board to pass rules that keep public interest in mind when tax revenue is diverted to TIDD projects.
Anne Staufer, a policy analyst for Voices for Children says:
The Board of Finance’s rules should help ensure that TIDDs are delivering on important public policy goals and not undermining funding for critical statewide programs. However, the TIDD statute itself needs to be reformed to protect the long-term stability of the state’s general fund and ensure that the goals of the TIDD Act are being met over the twenty-five year lifetime of TIDDs.
The press release detailed some of the new rules as follows:
Among other things, the Board of Finance rules would require the board to:
- Evaluate whether the project could occur in “substantially the same form” without a dedication of state GRT [gross receipts taxes];
- Determine if the TIDD will have a positive revenue impact on the state general fund over the life of the bonds;
- Ensure that the TIDD plan includes adequate “planning and resource allocation” for workforce housing and schools;
- Receive detailed information from those submitting the proposal, including an economic development plan, a market feasibility study, an economic analysis, net revenue analysis, a detailed timeline, audited financial statements from the project’s developers, and an approved master development agreement;
- Ensure that the state GRT increment requested is “reasonable and fully justified”;
- Determine if the developer has a proven record for success with similar developments and receive information about whether the developer has been subject to any administrative actions or litigation;
- Assess the impact on surrounding or non-participating government entities;
- Ensure applications include “environmentally protective technologies,” energy and water efficiencies, and sustainable development elements; and
- Consider the availability of water and water rights.
The rules also required that approved TIDDs must:
- Receive board approval for any substantive change to the TIDD plan upon which the state GRT dedication was based;
- Report annually on the infrastructure build-out, jobs created, availability of workhouse housing, provision of schools, revenues and expenses and total debt outstanding.
