The New Mexico Board of Finance voted unanimously today to postpone a vote until its September 16th meeting on a new rule to guide them when they consider creating a Tax Increment Development District.



Board of Finance Director Olivia Padilla-Jackson told the Independent the vote was postponed in order to give the Board time to review and consider the large number of comments received, which came from a wide range of non-profit organizations and for-profit development groups, as well as local city and county politicians.



Padilla-Jackson said that in general the board agrees that there needs to be a rule in place to provide guidance and transparency for how a TIDD is created. Currently the board operates through a process that’s not codified. This new rule, should it be adopted, would formalize the process.