ALBUQUERQUE, N.M. — The University of New Mexico may soon have a new lure for developers looking to build stores, offices and more on its South Campus.
The Albuquerque City Council on Monday unanimously approved a resolution that enables formal negotiations for a special tax-based financing mechanism to cover the infrastructure needs around the UNM athletic venues and Science & Technology Park.
The university and its regent-owned nonprofit corporation, Lobo Development, have for years worked to spur new activity in that area but officials say the costs associated with roads and utilities have thwarted previous attempts.
“Each of these efforts (in the past) have failed, I believe, because of a lack of comprehensive, integrated vision and more importantly, a cohesive implementation strategy to address the significant infrastructure challenges of the area,” Kim Murphy of Lobo Development told the Council on Monday. “Thus this premier area near the metro core remains an undeveloped eyesore and skipped over infill location.”