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F I S C A L I M P A C T R E P O R T

SPONSOR Silva

ORIGINAL DATE

LAST UPDATED

1/26/08 HB 334

SHORT TITLE West Central Corridor Economic Development

SB

ANALYST Wilson

APPROPRIATION (dollars in thousands)

Appropriation

Recurring

or Non-Rec

Fund

Affected

FY08

FY09

$150.0

Recurring

General Fund

(Parenthesis ( ) Indicate Expenditure Decreases)

SOURCES OF INFORMATION

LFC Files

Responses Received From

Department of Finance & Administration (DFA)

Economic Development (ED)

SUMMARY

Synopsis of Bill

House Bill 334 appropriates $150,000 from the general fund to the Local Government Division

Of The Department Of Finance & Administration for expenditure in fiscal year 2009 to promote

the economic development and revitalization of the west central corridor by contracting with a

community organization for services and to facilitate communication and collaboration with ten

neighborhood associations and two merchant associations in Albuquerque in Bernalillo county.

FISCAL IMPLICATIONS

The appropriation of $150,000 contained in this bill is a recurring expense to the general fund.

Any unexpended or unencumbered balance remaining at the end of fiscal year 2009 shall revert

to the general fund.

SIGNIFICANT ISSUES

The West Central Metropolitan Redevelopment Area is an area designated for redevelopment by

the City of Albuquerque. The west central corridor is a part of this redevelopment area and also

includes the area from the bridge at the Atrisco intersection, up to Unser Blvd. SW along Central

House Bill 334– Page

2

Avenue. It includes ten neighborhood associations and two merchant associations. It is

considered a blighted area with a large Hispanic minority population. The population of this area

is approximately 50,000.

Last year there was a $50,000 appropriation which was spent on operational costs, planning as

well as communication and collaboration with neighbor and merchant association to promote the

revitalization and redevelopment of the West Central Metropolitan Redevelopment Area.

DFA explains this appropriation of $150,000 will go towards operational costs, planning, as well

as costs associated with the communication and collaboration with the neighborhood and

merchant associations to promote the revitalization and redevelopment.

ADMINISTRATIVE IMPLICATIONS

DFA will handle this appropriation’s implementation as part of their ongoing responsibilities.

DW/bb