Last week, city and business leaders gathered at the Greater Albuquerque Chamber of Commerce to announce a change in the economic landscape of Downtown Albuquerque.
The leaders offered up a series of initiatives that can create hundreds of millions of dollars for reinvestment.
The first is the implementation of a Tax Increment Financing, or TIF, district in Downtown Albuquerque.
There is also a plan to urge business owners in the area to create a Business Improvement District, or BID, a mechanism used in other cities throughout the country to boost commercial efforts.
Albuquerque Mayor Tim Keller said part of the problem has been how politicians look at helping Downtown through only a singular person or idea. Keller made the idea public at GACC’s Mayoral Luncheon in June.
Keller said Downtown has to save itself, and the city is going to help.
“We’re going to put skin in the game, and we’re going to be there because we’re part of Downtown,” Keller said.
Terry Brunner, director of the city’s Metropolitan Redevelopment Agency, said a Business Improvement District is a common and popular mechanism used in other areas of the country “to give rights in a sense back to commercial interests.”
Terri Cole, GACC president and CEO, thanked Keller for understanding the importance of a vibrant Downtown to a strong, prosperous and safe community.
“Downtown transformation is one of the key issues the Greater Albuquerque Chamber of Commerce has championed over the years,” Cole said. “And thank you for working hard to get some good ideas off the drawing board and into practice – that’s rarely an easy lift, and the business community recognizes that.”
The Chamber supports both of the mayor’s announcements today.
- In 2023, the Chamber joined the city to successfully advocate in the Legislature for Tax Increment Financing (TIFs), a funding mechanism that allows Metropolitan Redevelopment Areas to collect additional GRT for public-private development work. This has the potential to unlock more than 20 times the typical amount of revenue available, which is the kind of substantial, long-term investment that’s needed to transform our Downtown from what it is today to what we know it can be.
- The Chamber has supported creating a Business Improvement District (BID) for years. We know any successful downtown transformation in the county has included this important element. We are “all in” to support this effort!
“Thank you mayor for your action on the TIF today and for your continued support of our Downtown business owners in their efforts to create a BID,” Cole said.