is ushering in the largest public subsidization of private land development in

                the nation, and lawmakers have little idea about how this may impact our

                    existing communities and economy.

 

In fact, this approach to subsidizing private corporate ventures poses a significant threat to the state's financial standing and the health of our neighborhoods, small businesses and working families.

 

Tax increment financing— TIF— is an economic development tool that diverts a portion of our future tax revenue away from shared public needs for up to 25 years in order to pay for infrastructure built by private developers today.

 

Historically, TIF has legitimately been used to boost redevelopment of existing neighborhoods that are declining. It was never designed to fund massive lower-risk developments in fringe areas where development will occur anyway. But unfortunately, the state, city of Albuquerque and Bernalillo County have all in the past year passed legislation authorizing up to 75 percent of the future tax revenue of an area to be given to private developers who are building communities on vacant land on Albuquerque's edge.

 

 

Click on the YouTube video below to catch a glimpse of what’s been happening and don’t forget to listen to our radio ad.