Bernalillo County commissioners last week unanimously approved a financing plant that will allow developer SunCal to support bonds with 30% of the sales taxes and 10% of the property taxes generated from nine tax increment development districts near Petroglyph National Monument.
County economic development coordinator Daniel Gutierrez said the TID diversions are expected to total about $5 million annually by 2024, when the districts are expected to be built out. He said the county will have received $20 million in total revenue over what it will spend to provide service to the development over the same period.
SunCal had asked for diversion of 22% of the county’s sales taxes and 50% of the its property taxes from the 4,000-acre development area west of Albuquerque. New Mexico had already given the developer 50% of its share of sales tax revenues from four of the nine districts.
The diverted taxes will support bonds issued by the development districts, with the proceeds reimbursing SunCal for the cost of roads and utility lines to serve the property. The developer is subject to impact fees that cover county public works projects.
