MX-M Vacant Land in Opportunity Zone

Overview

OPPORTUNITY ZONE: https://www.cabq.gov/mra/tax-abatementRedevelopment Tax Abatement (RTA)Information about the Redevelopment Tax Abatement (RTA) program through The Metropolitan Redevelopment Agency.The purpose of the Redevelopment Tax Abatement (RTA) program is to attract private investment and revitalize divested areas within Albuquerque. The City seeks to stimulate high quality, sustainable development projects that provide tangible community benefits. Projects must meet the goals of the applicable Metropolitan Redevelopment Plan and result in the elimination or prevention of slum and blight, in accordance with NM Statute, Section 3 Article 60A.Up to 14-Year Pause on Property Tax Increases Recent legislation (Senate Bill 58) extends the maximum property tax freeze for eligible redevelopment projects from 7 years to up to 14 years.The RTA program freezes property taxes at pre‑development values during construction and early operations, reducing upfront costs and helping projects stabilize. RTA projects may include new construction, expansions, or renovations of existing structures.Under the updated law, the City may maintain the pre‑development tax level for up to 14 years after acquisition, depending on project size and need. After the abatement period ends, the property is reassessed and taxed at its full taxable value.How it worksThe RTA program benefits the City, County, and developers. The program has no operational costs and generates a net positive impact on tax revenues in the long-run. Most RTA projects involve long-vacant lots and buildings that generate little revenue in taxes. By incentivizing development, MRA supports infill development and bolsters the tax base. Once submitted, applications take an average of 3-4 months to receive full approval by the Albuquerque Development Commission (ADC) and City Council.Parcel is located in a Metropolitan Redevelopment Area.City of Albuquerque, in an effort to encourage urban in-fill development and affordable housing, has approved multi-story MUH and mixed use developments and will expedite approval process for developers. MRA- No impact fees Form-based zoning overlay to allow for High Density and Additional Uses. Possible uses include: Medical Urgent Care Physical/Occupational Therapies Kidney Dialysis Mixed-Use Retail Hospitality and more Drive thru availability The City of Albuquerque Metropolitan Redevelopment Agency, MRWM Landscaper Architects, and Wilson & Company Engineers are pleased to release the Albuquerque Rail Trail Framework Plan as of March 15, 22.VISION: The Albuquerque Rail Trail will transform Downtown's rail corridor into a vibrant and artistic urban trail that creates opportunities for economic development, healthy recreation, and cultural expression. The Trail will connect the diverse communities it travels through and build bridges across those that have been disconnected. Following an ancient path created by footsteps and expanded over centuries by the wheel, the Rail Trail is the next expression of this essential trade route, embracing a resilient future for Downtown Albuquerque. https://www. .gov/ /rail-trail?fbclid=lwAR1TMnyFgW9s3ld_mRT8p_b10-oo0FZmHfTi55SRJnddFNmEv_zkXhC38Kg Please contact April Ager for complete details. Conveniently located near: I-25 & I-40 Hospitals UNM & CNM Old Town, Galleries and Museums Pueblo Cultural Center & Indian School Redevelopment Downtown Central Business & Courthouse District Property fronted by 4th Street, McKnight, and 3rd Street with possible access from these three streets. Located in central Albuquerque, close to downtown, Interstate 40 & 25 and all major medical centers, hospitals.

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