tax increment development district could transform university of new mexico property

A large swath of property, part of the University of New Mexico’s more than 600-acre main Albuquerque campus, could be significantly developed if a plan in the talking stage with the City of Albuquerque gains any traction.

Both school and city officials have long wanted to do more with what is known as the South Campus, which is located north of Gibson Boulevard SE and runs parallel to Interstate 25.

Although the South Campus’ roughly 50 acres is the home to the Isotopes Park stadium, along with a small amount of student housing and an existing tech park, it has never been developed to its potential, say officials.

Now Albuquerque Mayor Tim Keller is said to be looking at the possibility of entering into an agreement with the school’s Lobo Development agency that would allow for the creation of a tax increment development district.

That district, in turn, would provide a funding mechanism providing tax revenues for the building of any new residential or retail space on the defined South Campus area, along with any infrastructure costs.

It is not known when the Keller Administration will officially announce a South Campus plan, but such a project would be the first such economic development partnership between the city and UNM.

By Garry Boulard

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