After nearly five years of exploration, consultation, and community engagement, authorization for one of New Mexico’s most significant public collaborations, the South Campus Tax Increment Development District, or TIDD, was signed by Gov. Michelle Lujan Grisham on April 5, 2023.
The TIDD is a mechanism to support economic development and job creation by providing a portion of new gross receipts tax and property tax for public infrastructure. This public-public collaboration among The University of New Mexico, the City of Albuquerque, Bernalillo County, and the State of New Mexico will create a vibrant, dynamic new southern Metro Gateway.
Yesterday, public leaders joined to celebrate the signing, and express their enthusiasm for the work to come that will make it a reality.
“Our vision is to address critical community challenges. We do that by building an educated, healthy and economically vigorous New Mexico. We have the opportunity to create something truly special here, and we can’t wait to bring this vision to life." – UNM President Garnett S. Stokes
The TIDD will revitalize an underutilized portion of the City—but more importantly, it is expected to spur the creation of more than 4,000 new jobs with over $4 billion in wages, including expanded opportunities for research collaboration with Sandia National Laboratories, Kirtland Air Force Base and the Air Force Research Lab.
“For decades the heart of our state, our Flagship University's south campus has been held back for one reason or another,” Albuquerque Mayor Tim Keller said. “Today, with this TIDD, UNM is unshackled and fully resourced, to the tune of ~$400 million available for mixed-use, planned development, interstate landscaping, affordable housing and educational space, pedestrian parks and walkways that will befit the institution, lift up neglected parts of our town, and transform our city core for future generations.”
To date, these public partners have invested approximately $400 million in the development of UNM South Campus area, including professional and collegiate sports venues that attract over 1.3 million visitors annually, research and education facilities comprising 700,000 square feet with 2,000+ employees, as well as student housing, a charter school, a fire station, and other infrastructure.
The TIDD also enhances an underserved area of low-income and minority neighborhoods, designated for investment as both a federal opportunity zone and USDA food desert, and provides local matching funds for federal projects.
“We can accomplish big things when our state and local partners work together on common goals,” said New Mexico Representative Day Hochman-Vigil, the lead sponsor on the legislation approving the TIDD said. “This agreement among the University, City, County, and State will create new opportunities to work closely with our Federal and commercial partners, too, fostering economic development and the revival of an underserved area of our community.”
Furthermore, the TIDD will fund approximately $267.4 million of regional public infrastructure which benefits all New Mexicans, such as Interstate 25 improvements, public safety infrastructure, transit improvements, parking structures and pedestrian enhancements, trails and bikeways, and recreation fields, completing linkages to current facilities.
The TIDD Economic Analysis shows a net economic benefit to the State of $1.1 billion over the life of the TIDD.
“Bernalillo County is excited to be part of this TIDD partnership and see the South Campus development spur significant job creation, the attraction of private investment and the much-needed increase in housing, commercial and retail development across this underserved area,” Bernalillo County Commissioner Adriann Barboa said.
Leaders also expressed their gratitude for each other as well as the support of multiple members of the Governor’s cabinet and the state legislature, the State Board of Finance, the New Mexico Finance Authority, and the Bernalillo County Administration and Commissioners, the City of Albuquerque Administration, and the City Council. Development on various areas within the district will begin immediately.