A move to greatly develop a section of the main Albuquerque campus of the University of New Mexico has been made official with the launching of a tax increment development district.
“We have the opportunity to create something truly special here, and we can’t wait to bring this vision to life,” Garnett Stokes, UNM President, remarked during signing ceremonies creating the South Campus Tax Increment Development District.
As envisioned, the tax increment district will provide gross receipts and property tax revenue to pay for an estimated $267 million in infrastructure work, all designed to support a district that may very well see any number of housing, retail, and educational space development.
The infrastructure work could include everything from parking structures, roads, and sewers to bike paths and recreation fields, among other features.
UNM, City of Albuquerque, and State of New Mexico officials have been working for several years to create the district.
That cooperative effort, noted New Mexico Representative Day Hochman-Vigil at the signing ceremony, is what made the development district possible. “We can accomplish big things when our state and local partners work together on common goals,” said the legislator, who noted that additional partnerships with the federal government and commercial parties will foster “economic development and the revival of an underserved area of our community.”
Reports have indicated that new development in the area could not only lead to a variety of new building projects, but also around 4,000 jobs and easily up to $4 billion in wages.
Locate at Avenida Cesar Chavez and University Boulevard, the South Campus comprises roughly 50 acres heading in a western direction toward Interstate 25. The campus is the home to the Lobo Village dormitories and the University Stadium.
By Garry Boulard
