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 state Senate just passed a bill by a vote of 29 to 9 to allow Westland Dev. Co. to issue tax-exempt bonds secured by 50 percent of state gross receipts tax revenue, 30.77 percent of Bernalillo County GRT, and 10 percent of county property taxes generated within Tax Increment Districts 2, 3, 4, and 8.
A tax increment district would allow a private developer to issue bonds that are secured by future gross receipt tax proceeds. The goal of a tax increment district is to produce a mixed-use development that includes residential, commercial and industrial elements.
According to a legislative report on Senate Bill 249, the maximum bond issuance authorized is $408 million and is subject to:
• a review by the New Mexico Finance Authority (NMFA) of the master indenture prior to issuance of any bonds,
• a review by NMFA of any proposed amendments to the master indenture prior to the issuance of any bonds subsequent to such amendments,
• a review by the NMFA prior to the issuance of any bonds, of any amendment to
the tax increment development plan for the Tax Increment Development Districts (TIDDs) that affects projected revenues to be used to pay the bonds, the use of the proceeds of the bonds or the issuance of the bonds,
• the determination by NMFA that the financing plan is economically sound and that TIDD revenues will not be used by the respective district for a period exceeding 28 years,
• and the determination by NMFA that the proceeds of the bonds will be used for that portion of the project that benefits or facilitates development within the districts per the development plan.
The bill also prohibits the Legislature from authorizing capital outlay projects within the TIDDs while bonds are outstanding except for publicly owned facilities that are:1. public school buildings or facilities,
2. higher education buildings or facilities,
3. cultural buildings or facilities,
4. buildings or facilities, except roads, used for public safety,
5. or buildings used for other public purposes.
