Work is underway to create a new Tax Increment Development District in Albuquerque, the revenues from which will fund the expansion of a research park at the University of New Mexico. Such districts are mechanisms used to support economic development through gross receipts tax financing as well as property tax financing for public infrastructure projects. School officials say they want to significantly grow the UNM Science and Technology Park, while building a new entertainment district in the process, as part of a plan that has been in the talking stage for several years. That entertainment district could include everything from a hotel and movie theater to a restaurant, bar, and retail space, with the overall project also taking in roads, water, and sewer lines and stormwater drainage. The projected site, off University Boulevard between Basehart Road and Gibson Boulevard, encompasses just under 340 acres. By design, the TIDD would have a 25-year life, during which time it is expected that it could generate up to $336 million. UNM is tasking its nonprofit Lobo Development Corporation with putting together the TIDD, which will ultimately have to go before the New Mexico State Board of Finance. That board may take action on the proposal during its upcoming December 20 meeting. By Garry Boulard
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