Bill > SB482

This bill authorizes the issuance of up to $1 billion in bonds for the state fairgrounds located in Albuquerque, using tax increment financing (TIF), which allows future increases in tax revenue to be used to fund current infrastructure projects. The bonds will be secured by gross receipts tax increments specifically from the state gross receipts tax within the fairgrounds district. The New Mexico Finance Authority must review and approve the bond issuance, ensuring the proceeds will be used according to the district's development plan. The authorization will last for 25 years from the first bond issuance, and during this period, the legislature is restricted from approving capital outlay projects within the district, with exceptions for public buildings and facilities related to schools, higher education, culture, public safety, and other public purposes. The bill's provisions will become effective once the tax increment development district is officially formed, at which point the district's governing body must notify several state agencies. This legislation provides a mechanism for developing and potentially redeveloping the state fairgrounds by creating a dedicated financing framework that doesn't rely on traditional direct state funding.

Budget and Finance

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=482&year=25