Regents, city council give approval for south campus TIDD - Albuquerque Journal

Regents, city council give approval for south campus TIDD

The University of New Mexico moved a step closer to launching a massive development project on its south campus, which school officials envision will one day be a bustling entertainment district and technology park in southern part of the city.

Regents approved a master development agreement Tuesday that keeps in motion the process to create a tax increment for development district, or TIDD, on UNM’s south campus, which is where the university’s sports venues are.

The TIDD process allows Lobo Development, which will be the master developer on the project, to recoup its investment into “public infrastructure,” like sewer and street improvements, through future gross receipts and property taxes in the district.

The Albuquerque City Council voted earlier this month to create the district.

“All in all, this promises quite a bit of mercantile and resident amenities in an area that is largely underserved,” City Councilor Isaac Benton said at the time.

The district is comprised of mostly university and some city land that straddles University Boulevard from Basehart to Gibson. It’s about 337 acres.

UNM envisions the area will one day have an entertainment district with shops, bars and restaurants, along with parks and city trails and expanded space for the university’s science and technology park.

“Our vision is to create a regionally significant employment, entertainment and commercial district,” said Kim Murphy, a consultant for Lobo Development working on the project.

Murphy said there are plans to pump about $627 million into developing the south campus, which currently has acres of undeveloped land. Of that investment, about $267 million is expected to be put into “public infrastructure,” and the university or city could recoup those costs through a portion of future gross receipts. The entities could also collect a portion of property taxes on any privately-owned improvements built within the district, Murphy said.


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