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Thursday, December 25, 2008

Tax Districts OK'd for Uptown Projects

By Tamara N. Shope
Journal Staff Writer
      The state Board of Finance has approved designating the Winrock/Uptown renovation project and its neighboring Uptown extension as tax increment development districts. The move means that the state will dedicate a portion of its future gross receipts tax to developers to help build infrastructure required for the projects.
       The Winrock Town Center and Quorum developments will be mixed-use areas, incorporating retail, restaurants, a hotel, an IMAX theater, high-end office space and residences. The Winrock redevelopment, by Winrock Partners LLC, covers about 83 acres. Quorum, by Hunt Uptown LLC, is about 7.5 acres. The two developments — which are separate from each other — will together cost $650 million, about $150 million of it for public infrastructure.
       The city and county have already given their consent for the district designations.
       “I am confident the new Tax Increment Development Districts will stimulate economic development and bring green growth to the state,” Gov. Bill Richardson said in a news release. “And with our help, these TIDD projects will create jobs and lure new businesses to New Mexico.”
       In addition, the board also approved a TIDD for a Las Cruces project that would provide a new city hall and a museum.
       Trent Stafford of Hunt Development Group, the developer of Uptown, says the board's approval is the first step of three at the state level.
       “It still has to go through the Legislature,” he said in a phone interview. “The first piece of the puzzle is, the board looks at the economic impacts to the state, and it addresses whether it (the TIDDs) justifies state involvement.” Next, the New Mexico Finance Authority will look at the financial structure of the bonding. Upon approval, a bill would be presented to the Legislature, Stafford said. The authority is set to take up the issue at its meeting Jan. 22.
       

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