All applications for the formation of a TIDD shall be submitted to the city's Chief Administrative Officer. Each application shall, at a minimum, contain the following:
(A) A description of the proposed TIDD, including a legal description of its boundaries, identity and addresses of all persons or entities with any interest in the property, and the names and addresses of any qualified electors (as defined in Section 3-1-2(K) NMSA 1978) located within the proposed boundaries. The description must contain an analysis of the appropriateness of the TIDD boundaries.
(B) If the TIDD is proposed to be formed without an election through the waiver of election provided for in the Act, evidence satisfactory to the city of the unanimous consent of owners of real property within the proposed boundaries of the TIDD to the creation of the TIDD. A current title report on the property shall be submitted as evidence of the names of persons with any interest in the land and qualified electors. In the event that any owner of property within the proposed TIDD withdraws consent to the creation of a TIDD, the applicant shall have the opportunity to submit a revised application and shall not be required to submit a new application fee as provided in § 4-10-4, ROA 1994; provided, that the city may request that the applicant deposit additional funds to pay costs reasonably incurred by the city in reviewing an application which has been revised as a result of a property owner's withdrawal of consent to the creation of a TIDD.
(C) If the TIDD is proposed to be formed by election, evidence satisfactory to the city of the applicant's ability to pay for an election, whether or not an all mail-in election, and a proposed election timetable.
(D) A detailed description of the types of public infrastructure to be financed by the TIDD, including the estimated construction or acquisition costs of the public infrastructure, projection of working capital needs, including adequate funds for repair and replacement of infrastructure, the annual operation and maintenance costs of the public infrastructure and the governmental approvals and licenses that shall be required for both the public and private improvements to be constructed and operated. The description shall contain adequate information to establish financial parameters for the operation and financing of the TIDD as set forth in § 4-10-7, ROA 1994. The description shall include a representation concerning the future ownership and maintenance of the public infrastructure.
(E) A proposed project schedule for commencement and completion of (a) the public infrastructure and (b) the private development, which shall include the financial feasibility study required by § 4-10-5(G), ROA 1994, for the public infrastructure, including both capital and operating/maintenance costs for all improvements undertaken by the TIDD. The financial feasibility study shall include projections for a period which shall be the longest of (i) the expected term of existence of the TIDD, (ii) the anticipated period during which tax increment is to be collected by the TIDD, or (iii) the proposed final maturity date of any bonds issued by the TIDD. The financial feasibility study shall include at least: (a) estimated costs of improvements; (b) projected costs of maintenance after construction; and (c) a complete description of the improvements to be owned and maintained by the city or the TIDD.
(F) A tax increment development plan that includes the following information:
(1) Whether gross receipts tax increment bonds or property tax increment bonds or both are proposed;
(2) The public improvements proposed to be financed by each type of bond financing proposed along with a description of the public improvements and an estimate of the costs of completion;
(3) The estimated annual gross receipts tax increment to be generated by the TIDD project; and the portion of that gross receipts tax increment proposed to be pledged as security for gross receipts tax increment bonds (which portion may not exceed 75% of the gross receipts tax increment), if applicable;
(4) The estimated annual property tax increment to be generated by the TIDD project and the portion of that property tax increment proposed to be pledged as security for property tax increment bonds (which portion may not exceed 75% of the property tax increment), if applicable;
(5) Any proposed use of gross receipts tax increment revenues or property tax increment revenues other than to secure the payment of bonds;
(6) The proposed land uses for the TIDD project including a map depicting the geographic boundaries of the TIDD;
(7) The number and types of jobs expected to be created by the TIDD project during build-out of the TIDD and after completion of the TIDD;
(8) The amount and characteristics of workforce housing expected to be created by the TIDD project;
(9) The location and characteristics of public school facilities expected to be created, improved, rehabilitated or constructed by the TIDD project;
(10) A description of innovative planning techniques, including mixed-use transit-oriented development, traditional neighborhood design or sustainable development techniques, that the city should find to be beneficial and that are proposed to be incorporated into the TIDD project; and
(11) The amount, type and source of private investment in the TIDD project.
(G) A financial feasibility study (which shall be satisfactory to the city and prepared by an independent professional with appropriate expertise) for the entire project (or such phases of the project that are expected to be constructed during the term of the TIDD) covering both the public infrastructure and the private development and including appropriate cash flow analysis addressing projected tax increment revenues. The financial feasibility study shall include:
(1) An analysis of the financing and the estimated costs of the improvements, services and benefits to result from the formation of the proposed TIDD (including the time estimated to be necessary to complete the TIDD improvements).
(2) A financing plan for any private development in the TIDD which is not expected to be dedicated to the city.
(3) A market absorption study for the development in the TIDD prepared by an independent consultant acceptable to the city. Such study shall include estimates of the revenue to be generated by the development, an estimate of the ability of the market to absorb the development, and a market absorption projection for the private development including an identification of market share for different land uses within competitive projects in the market area. This study shall take into account the effect, if any, that the proposed debt financing, operation and maintenance costs, and other TIDD costs are expected to have on the marketability of the private development.
(H) A description of the proposed equity contribution from the applicant and a calendar showing the anticipated timing and sources of such contribution. An equity contribution shall be equal to a minimum of 20% of estimated initial infrastructure cost prior to the issuance of gross receipts or property tax increment bonds, unless the project to be financed is a redevelopment project pursuant to the Metropolitan Redevelopment Code.
(I) A description of the applicant's professional experience and evidence demonstrating its financial capacity to undertake the development associated with the public infrastructure and private development. The application shall also describe the direct and indirect benefits to all parties with financial interest in the proposed development. Such information shall be accompanied by three-year audited financial statements, if available, or comparable information attesting to the financial strength and experience of the development parties along with a description of past projects and disclosure of any material litigation.
(J) An operating plan for the TIDD, describing the extent of the TIDD's responsibilities for and anticipated costs of operation and maintenance, the method of carrying out those responsibilities, and specifying whether the TIDD or another entity will be responsible for operation and maintenance of specific public infrastructure or improvements.
(K) A description of how the proposed TIDD meets the existing development objectives of the city, including the degree to which the TIDD is (1) consistent with the goals of promoting orderly development, (2) consistent with the Albuquerque/Bernalillo County Comprehensive Plan; (3) consistent with growth management policies, zoning requirements, and (4) the degree to which the land use plan for the TIDD is consistent with the city's applicable long-range policies for development, growth management and conservation set forth in § 4-10-3(D) herein.
(L) Consistent with the policies set forth in this article, a description of the proposed terms of a Development Agreement including the improvement of the specific property within the proposed TIDD, including the expectation of the future obligations of the owner or developer and the city concerning the zoning, subdivisions, improvement, impact fees, financial responsibilities and other matters relating to the development, improvement and use of the real property within the proposed TIDD. The description of proposed development agreement terms shall not be required to include the level of detail expected to be included in the proposed development agreement itself and shall not be binding on the city or the developer and shall not constitute a legal cause of action or create vested rights.
(M) A proposed resolution which shall address those items set forth in Section 4(C) and 7(C) of the Act.
(N) Such other information as the city may reasonably require after its initial review of the application, including but not limited to preliminary legal opinions, appraisals, further information regarding the relationship of the application to the city's development objectives, additional proof of financial capability, business references, term sheets for financing and financial commitment letters.
(Ord. 36-2006)