ALBUQUERQUE, NM (KRQE) – Albuquerque City Council has announced two big changes that could breathe new life into downtown. “Downtown needs to save itself, but we’re going to help it,” said Albuquerque Mayor Tim Keller.
The goal is to give power back to Albuquerque’s downtown community, and this will be driven by two initiatives designed to increase funding and improvements. “First, we’re going to give downtown the money that it generates itself. So how do you give power to the people? We’re going to give downtown funding, and we’re going to give them operational control over their own community in many ways,” Keller said.
The city plans to bring $200 million into the region over the next twenty years through Tax Increment Financing (TIF). “So if you’re a property owner in the city center, the money you pay in taxes goes back into the city center,” said Terry Brunner, director of the Metropolitan Redevelopment Agency.
The second change, a Business Improvement District, also known as a “BID,” gives the community control over working with the city to improve things like beautification, safety and parking.
“And for a BID to be exciting, productive and successful, it must be driven by entrepreneurial-minded people who look for innovative ways to get the job done,” said Terri Cole, president and CEO of the Greater Albuquerque Chamber of Commerce.
There are also plans to introduce a bill to the Albuquerque City Council to crack down on landlords responsible for abandoned buildings in the downtown area.
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