ALBUQUERQUE, N.M. (KRQE) – Albuquerque city leaders announced two major changes that could give the downtown area new life. “Downtown has to save itself, but we’re going to help,” said Mayor Tim Keller, City of Albuquerque.
Putting power back in the hands of Albuquerque’s downtown community is the goal, fueled by two initiatives meant to increase funds and enhancements. “Number one, we are going to give downtown it’s money that it generates for itself. So how do you give people power? We are going to give downtown funding, and we are going to give downtown in many ways operational control of its own community,” said Keller.
$200 million over the next twenty years is what the city hopes Tax Increment Financing, ‘TIF’ for short, will contribute to the area. “So, if you are a property owner in downtown, the money that you’re paying in taxes is going back into downtown,” said Terry Brunner, Metropolitan Redevelopment Agency Director.
The second change, a Business Improvement District also known as a ‘BID’, gives the community control to collaborate with the city to enhance things like beautification, safety, and parking.