All applications for the formation of a PID shall be submitted to the City. Each application shall, at a minimum, contain the following:
(A) A description of the proposed PID, 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 PID boundaries.
(B) Evidence satisfactory to the City of the unanimous consent of owners of real property within the proposed boundaries of the PID to the creation of the PID. A current title report on the property and a certificate from the county clerk 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 with the proposed District withdraws consent to the creation of a PID, 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 § 6-9-4 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 PID.
(C) A detailed description of the types of public infrastructure to be financed by the PID, 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 PID as set forth in § 6-9-5 ROA 1994. The description also shall contain information regarding the future ownership and maintenance of infrastructure.
(D) 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 § 6-9-3(E) ROA 1994 for the public infrastructure, including both capital and operating/maintenance costs for all improvements undertaken by the PID. The financial feasibility study shall include projections for a period which shall be the longer of (i) the expected term of existence of the PID, (ii) thirty years following the creation of a tax upon the PID taxable property, or (iii) the final maturity date of any bonds issued by the PID. 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 PID.
(E) 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 development) covering both the public infrastructure and the private development. The financial feasibility study shall include:
(1) An analysis of how the proposed debt financing, operation and maintenance costs, user charges and other PID costs shall impact the ultimate end users of the property, specifically projected property taxes, property tax rates, special levies, special assessments, fees, charges and other costs that would be borne by property in the PID. The analysis should also address the impact these costs shall have on the marketability of the private development and a comparison of proposed tax rates and charges in adjoining and similar areas outside of the proposed PID.
(2) A financing plan for any private development in the PID which shall not be dedicated to the City.
(3) A market absorption study for the private development in the PID 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 calendar for the private development.
(4) An appraisal as described in § 6-9-5(C) ROA 1994 acceptable to the City. The City's acceptance of the appraisal shall be conditioned upon a review and approval of the appraisal prepared by a person who is designated as a Member Appraisal Institute ("MAI") and a certified general real estate appraiser (such person hereafter referred to as an "MAI Appraiser" chosen by the City at the cost of the developer). In the event that the MAI Appraiser chosen by the City cannot approve the appraisal, the appraisal shall be rejected and a new appraisal presented by the MAI Appraiser chosen by the City shall be provided.
(G) 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 of all parties with financial interest in the proposed development. If available, such information shall be accompanied by three-year audited financial statements, along with a description of past projects and disclosure of any material litigation.
(H) A disclosure form explaining the expected and possible tax, levy, assessment and other financial burdens of the PID on prospective PID landowners. Upon each sale of property in the PID, the applicant shall file and record with the County Clerk a receipt, signed by the purchaser, that acknowledges the purchaser's receipt of the disclosure form. The applicant shall also supply the City with a copy of the receipt. Landowners/developers are required to describe in their promotional material the financial and other relative impacts on the development being included in a PID. Copies of the disclosure form must be placed on file with the City. The City reserves the right to reject any unacceptable version of the form. The disclosure form shall inform all affected property owners that the PID will be fiscally self-sufficient and will receive no direct or indirect financial support from the City.
(I) An operating plan for the PID, i.e., what functions the PID shall provide and how the operation and maintenance of the infrastructure and all other services in the PID shall be provided.
(J) A description of how the proposed PID meets the existing development objectives of the City, including the degree to which the PID 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 and zoning requirements, and (4) the degree to which the land use plan for the PID is consistent with the City's applicable long-range policies for development, growth management and conservation, including the growth and infrastructure plan and zoning categories contained in City Resolution No. F/S R-02-111(A).
(K) Such other information as the City may reasonably require after its initial review of the application, including but not limited to preliminary legal opinions, further information regarding the relationship of the application to City's development objectives, additional proof of financial capability, business references, term sheets for financing and financial commitment letters.
(Ord. 12-2003)