Royal Crossing TIDD
City Council will be considering adoption of the Royal Crossing TIDD at the August 17, 2020 City Council Meeting.
The City’s Economic Development Department has been working with the Developer, LC Nova, LLC, on behalf of the majority property owners within the area, for the past year on the potential to create a Tax Increment Development District (TIDD) to promote development at the area formerly known as the "Old Las Cruces Country Club."
TIDDs are an economic incentive financing tool can be used to construct, operate, and maintain public infrastructure in support of development. TIDDs establish a baseline property and gross receipts tax (GRT) base in a specific area, and as development occurs increasing the property and GRT amounts in the district, a portion of the increment is reinvested into the district to continue and support development.
In December 2019, City Council passed Resolution No. 20-069 to establish guidelines for the use of TIDDs for financing the economic development of underutilized areas of the City. These TIDD guidelines and procedures allow for transparency of TIDDs as an economic incentive and will ensure that TIDDs are to benefit the public good.
The Legislature of the State has enacted the Tax Increment for Development Act, NMSA 1978, §§5-15-1 to -29 (2006, as amended through 2019) henceforth referred to as the “Act”, pursuant to which the governing body of a municipality may order the formation of a TIDD following a public hearing and based upon certain findings.
The June 29 City Council Work Session can be accessed here.
If you would like to comment on the proposed resolution and the matters within its scope, you may provide comments in two different ways:
- Email written comments to firstname.lastname@example.org, Include “Royal Crossing TIDD” in the subject line.
- Participate in Public Hearing, August 11, 9:00 a.m. by Zoom; Send your full name & address to email@example.com at least 24 hours in advance and an email invitation will be sent.