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 town of Las Cruces got approval in the final hours of the legislative session Thursday to issue tax increment financing bonds for redevelopment of its downtown area. Known as a TIDD in shorthand, the Las Cruces tax district will fund road construction projects to open its downtown Main Street to automobile traffic.
The road was closed to automobile traffic in the 1970s which turned storefronts into store backs, a move that led the downtown section of Main Street to become largely vacant.
The project will cost an estimated $12 million, $8 million of which will derive from the TIDD bonds, secured by state, city and county gross receipts tax, according to the Fiscal Impact Report:
…the City of Las Cruces Downtown Tax Increment Development District (TIDD) to issue tax-exempt bonds secured by 75 percent of state gross receipts tax (GRT) revenue generated within the district. The City of Las Cruces has also dedicated 75 percent of both its GRT and property taxes, and Dona Ana County has dedicated 75 percent of its property taxes in addition to 75 percent of the first 1/8 percent increment of its county local option tax.
The Las Cruces TIDD is only the second project to be approved by the legislature since the 2006 statute was authorized to allow state gross receipts tax to fund local development projects. The first was Mesa del Sol, which is a new development on Albuquerque’s southern edge that has received several TIDD districts.
In the last couple of years, SunCal Corporation’s request for TIDD bonds to fund its project on Albuquerque’s far west side has been controversial in the legislature and some think that debate slowed the approval of the Las Cruces TIDD.
The SunCal TIDD would have been worth about $450 million to the company. In 2008, it failed in the final hours of the Senate, and in 2009 it failed in the House in a dramatic late night debate. This year the company did not request approval for the TIDD. The controversy over the SunCal TIDD generated a lot of publicity about how TIDD projects work, both pro and con, with the result being many legislators having well-defined positions on the topic.
“This is one of the infamous, nefarious, well-known TIDDs that we debated extensively last year, correct?” asked Rep. Dennis Kintigh, R-Roswell, in the final Las Cruces TIDD debate.
The final House vote in favor was 61 to 7. Rep. Karen Giannini, D-Albuquerque, voted no. She explained on The Independent’s live blog that her constituents oppose TIDDs.
“My district is really not in favor of TIDDs and I have been consistent in my votes against all TIDD actions,” she said.
