Master FIR (1988)

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

SPONSOR:	Miera		DATE TYPED:	2-22-99		HB	637
SHORT TITLE:		Metropolitan Redevelopment Projects				SB
					ANALYST:		Taylor

REVENUE

Estimated Revenue		Subsequent Years Impact	Recurring or Non-Rec	Fund Affected
FY99	FY2000	Subsequent Years Impact	Recurring or Non-Rec	Fund Affected
NFI	NFI	NFI	Recurring	Local Funds

(Parenthesis ( ) Indicate Revenue Decreases)

Duplicates/Conflicts with/Companion to/Relates to HB-450 and SB-499

SOURCES OF INFORMATION

Taxation and Revenue Department

SUMMARY

Synopsis of Bill

House Bill 637 would make the following changes to the Tax Increment Financing law:

It would extend the time limit for tax increment projects from 10 years to 20 years.

It would require the municipality, if requested, to make a presentation to the governor or his representative and to the governing bodies of all participating units of government, including a description of the redevelopment project and an estimate of the general and fiscal effects of the project.

It enables a municipality to issue tax increment bonds or tax increment bond anticipation notes for the purpose of financing metropolitan redevelopment projects. Property tax revenues from the designated areas would be used to repay the notes.

It adds to the definition of "qualifying entity" so as to include a business that is the developer of a metropolitan redevelopment project located in the downtown area of a municipality that has a population of more than two hundred thousand and is located in a class A county (i.e., Albuquerque).

The bill carries an emergency clause and thus would become effective upon enactment.

FISCAL IMPLICATIONS

TRD reports that the bill would not have a fiscal impact on local governments.

BT/gm