Doña Ana County, NM
 
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Table of Contents
Table of Contents
[Adopted 6-10-2008 by Res. No. 2008-58]
A. 
The City of Las Cruces (the "city") has formed a tax increment development district (the "district") in downtown Las Cruces within Doña Ana County which includes or will include commercial and government offices, retail uses, residential housing and workforce housing; and
B. 
Pursuant to the Tax Increment for Development Act, NMSA §§ 5-15-1 though 5-15-28 (the "Act"), the City has submitted an application (the "application") requesting dedication of 75% of the County local option gross receipts tax increment and property tax increment generated within the district for the purpose of securing tax increment revenue bonds to be issued by the District; and
C. 
The application states that the purpose of the district is to provide financing for the following street improvement projects (collectively, the "project"):
(1) 
Main Street from Griggs to Lohman, including the roundabout at Bowman Avenue: $1.5M.
(2) 
Main Street from Las Cruces Avenue to Picacho, including roundabout at Lucero: $2.3M.
(3) 
Water Street conversion to two-way: $1.5M.
(4) 
Church Street conversion to two-way: $1.6.
(5) 
Las Cruces Avenue between Church and Alameda: $1.3M.
(6) 
Griggs Avenue between Church and Alameda: $1.3M.
(7) 
Organ Avenue between Campo and Main: $0.35M.
(8) 
Court Avenue between Church and Water: $0.40M.
(9) 
Hadley Avenue between Church and Water: $0.25M.
(10) 
May Avenue between Church and Water: $0.30M; and
D. 
The application includes a copy of the tax increment development plan for the district pursuant to NMSA § 5-15-5 of the Act (the "tax increment development plan"); and
E. 
It is anticipated that the district will issue bonds secured by gross receipts tax increment and property tax increment to finance a portion of the costs of the public infrastructure improvements within the district with a final maturity not later than 25 years following the issuance of the first bonds by the district; and
F. 
In accordance with the Act, the city and district are seeking approval of the dedication of 75% of the County option gross receipts tax increment and property tax increment generated with the district; and
G. 
The application, including the tax increment development plan, is on file with the County Clerk, and the city has provided all other necessary information requested by the County in relation to the district and the act.
Based upon the Application, the tax increment development plan, and other information submitted, and pursuant to NMSA § 5-15-15F of the Act, the dedication of 75% of the County local option gross receipts tax increment and property tax increment generated within the district to secure tax increment revenue bonds issued by the district to finance necessary public infrastructure, and to otherwise pay costs of such public infrastructure, for the projects located within Doña Ana County, is hereby approved.
An amount of 75% of the County local option gross receipts tax increment and property tax increment generated within the district may be dedicated for the purpose of securing tax increment bonds issued by the district.
All resolutions and orders in conflict herewith are, to the extent of such conflict, hereby repealed, and this article shall be in full force and effect from and after its effective date as set forth in § 305-48 herein.
The dedication of the gross receipts tax increment shall take effect on July 1, 2008. The dedication of the ad valorem property tax increment shall take effect immediately.