(A) Ten copies of the application for the formation of a TIDD shall be submitted to the city's Chief Administrative Officer, who shall coordinate an interdepartmental analysis of each application.
(B) At the time of submission of the application, the applicant shall pay a $20,000 non-refundable application fee and shall deposit an additional $30,000 as an advance deposit on account to be applied by the city in its sole discretion to the initial costs incurred in connection with the processing and review of the application and the formation of the TIDD in accordance with the provisions of § 4-10-3 ROA 1994. In calculating costs incurred by the city, the city may include reasonable costs associated with the pre-application discussion contained in § 4-10-4, ROA 1994. An accounting of all costs incurred by the city shall be made to the applicant at its request and, if reasonably necessary, additional funds may be requested by the city and must be paid by the applicant. If an applicant withdraws its application, the city shall return the unexpended portion of the advance deposit; provided, that the city shall retain from those funds the amounts necessary to pay costs incurred by the city but not yet paid by the city at the time the application is withdrawn.
(C) At the applicant's request, city staff may, in its discretion, present to the City Council a non-binding resolution expressing the city's intent to proceed with the formation of the TIDD. Such a resolution may be based upon a preliminary application outline, containing, at a minimum, the following information:
(1) Ownership of property proposed to be included in the TIDD;
(2) Location and boundaries of the proposed TIDD;
(3) General description of improvements to be constructed with TIDD financing and estimated costs of construction;
(4) Estimated principal amount of TIDD bonds proposed to be issued;
(5) Estimated maximum annual debt service on TIDD bonds;
(6) Estimated annual gross receipts tax increment to be generated by the TIDD project and the portion of such increment to be allocated during the time necessary to complete the payment of the TIDD project;
(7) Estimated annual property tax increment to be generated by the TIDD project and the portion of such increment to be allocated during the time necessary to complete the payment of the TIDD project;
Any resolution adopted pursuant to this section shall express the city's non-binding intent to proceed with the formation of the TIDD, subject to such conditions as may be set forth in the resolution. In the event that this resolution is not passed by the Council, the applicant may receive a refund of all of its advance deposit.
(8) No Net Expense Analysis. A no net expense analysis shall be conducted if the TIDD is located in an area as defined in § 4-10-2(B) herein.
(a) Project Revenues. This part of the analysis will restate the information provided in § 4-10-7(C)(6) and (7), ROA 1994, related to estimated TIDD revenues. The no net expense analysis also may include estimated indirect rate and tax revenues resulting from net new growth assumed to result from the development.
(b) Project Costs. Project development creates on-site and off-site operating, capital, and debt service costs. Some of these costs are incurred on a short-term and some on a long-term basis by the TIDD and some are incurred by the City of Albuquerque. The no net expense analysis will provide a multi-year, as specified in this article, annual financial analysis of the total on-site and off-site public and private capital, operating, and debt service costs of the development (identified separately); the distribution of the costs to the City rate payers and taxpayers, the TIDD utilized gross receipts tax increment revenues and property tax increment revenues, and to other parties and agencies.
(c) No Net Expense Summary. This summary shall demonstrate and identify the extent to which the development represents no net expense to city rate payers and tax payers who live outside the development. The no net expense analysis shall be produced by an individual or firm approved by the applicant and the TIDD Board. The City Council shall consider whether an additional independent professional analysis of no net expense is necessary.
(D) If the city approves the formation of a TIDD and there are existing agreements with developers/ landowners for the provision of infrastructure proposed to be furnished by the TIDD, then those agreements shall be deemed amended to reflect the agreements and conditions pertaining to the TIDD. The amendments shall reflect that either the developer/landowner or the TIDD shall provide such infrastructure improvements. Any existing agreements with developers/landowners for the provision of infrastructure proposed to be furnished by the TIDD shall be identified in the application and how they will be modified will be described.
(E) After the application fee and deposit are submitted, city staff shall arrange an initial conference with the applicant and the appropriate city staff, for the purpose of reviewing the application for conformity with city policies. City staff shall use its best efforts to review the application and conduct the initial conference within 30 business days following payment of the application fee and advance deposit.
(F) If at any time during the application process city staff requests additional information, the applicant shall provide any and all supplemental information requested, in accordance with the provision of § 4-10-5(N), ROA 1994.
(G) After analysis of an application as supplemented, city staff under the direction of the Chief Administrative Officer may prepare a report including recommendations relating to the TIDD and an analysis of the impact of the formation of the TIDD. The report may provide a recommended disposition of the application and any additional requirements that shall be placed on the developer/landowner and the TIDD. The city shall complete the analysis and report concerning the application within 90 business days following the submission of a fully complete application.
(H) If all costs billed to or incurred by the city have been paid by the applicant by a date at least 14 calendar days prior to the date of the meeting of the City Council at which the appropriate legislation approving the application is to be introduced and, if the application meets the qualifications provided herein as determined by city staff, the application, along with any report and recommendations by city staff, shall be presented by the applicant and city staff to the Debt Committee established by the City of Albuquerque Debt Management Policy and Debt Committee Ordinance, §§ 4-6-1 et seq., ROA 1994, and thereafter to the City Council, along with appropriate implementing legislation. Implementing legislation shall consist of the following:
(1) A resolution of intent to form the proposed TIDD (a) providing that the tax increment development plan included with the application is approved pursuant to Section 5-15-4(A) NMSA 1978, subject to the further proceedings of the City Council in connection with the formation of the proposed TIDD, and (b) directing publication of notice of a public hearing concerning the formation of the TIDD shall be held no sooner than 30 days and no later than 60 days after the adoption of the resolution of intent, in accordance with Sections 5-15-4(E) and 5-15-6 NMSA 1978; and
(2) A resolution ordering that the TIDD be formed and setting the matter for an election or declaring that the election is waived as provided in Section 5-15-7 NMSA 1978. This formation resolution shall occur upon completion of the public hearing referenced above. Final approval of the City Council shall be conditioned on the City Council's conclusion that all matters necessary to be completed prior to the formation of the TIDD have been completed.
(I) If the City Council approves an application for formation of a TIDD, the applicant/developer/landowner and the city staff shall coordinate a schedule of events for formation of the TIDD including either the setting of an election for the matter or declaring that the election is waived, and shall negotiate an appropriate Development Agreement between the city and the developer/landowner, which Development Agreement shall incorporate the requirements of any report, recommendations of the city staff relating to such TIDD, the requirements of this article and any other restrictions, provisions and agreements required by the city in its discretion. The Development Agreement shall be subject to approval by the City Council.
(J) All applications for the formation of a TIDD shall be submitted to the city's Chief Administrative Officer on or before January 1 of the calendar year in which the applicant requests formation of a TIDD. The application, together with the interdepartmental analysis required in § 4-10-6(A) and the formation resolution required in § 4-10-6(H)(2), shall be submitted to the Council no later than the first regularly scheduled City Council meeting in April of the year in which the applicant requests formation of the TIDD. Failure to meet either of these deadlines shall bar formation of the TIDD during that calendar year. Notwithstanding the above, the deadlines in this § 4-10-6(J) will not apply to an application that does not seek the dedication of state gross receipts tax and the financing plan does not contemplate the issuance of tax increment bonds paid for by state gross receipt taxes; however, if the deadlines in this § 4-10-6(J) do not apply to an application, all other application procedures set forth in §§ 4-10-1 et seq. ROA 1994 shall remain in effect in order to give the city adequate time to review the application
(Ord. 36-2006; Am. Ord. 20-2009; Am. Ord. 2013-010)