(A) An Alvarado Transportation Center Project Task Force is established which will be charged with reviewing all aspects of the Alvarado Transportation Center Project. The Task Force shall consist of one or two City Councillors, the Chief Administrative Officer, the Director of Council Services and the Chair of the Albuquerque Development Commission. The Task Force shall be charged with making recommendations to the City Council on the Alvarado Transportation Center Projects.
(B) The agreement between the city and the master developer shall be approved by the City Council and need not be submitted to the Albuquerque Development Commission.
(C) A neutral third party consultant(s) with expertise and national experience in urban redevelopment may be retained by the city to advise the Alvarado Transportation Center Project Task Force and the city on downtown redevelopment, the development agreement, market feasibility of planned developments, likelihood that the project developer will complete the project.
(D) The intent of the city is to stimulate the revitalization of downtown and encourage long-term investments in the area. Therefore, the following will require City Council approval:
(1) Any transaction in which a master developer is utilizing the city's assets to collateralize a loan and in effect subordinating the asset.
(2) Any transaction which requires the city to subsidize the project by waiving fees or policies or by investing public resources.
(3) Any transaction which pledges the city in some form for future payment.
(4) Any transactions which involves the city making a loan guarantee.
(5) Any change in a member of the master development team.
(a) The Council hereby approves the change to the master developer team within HDIC, specifically, HDIC's acquisition of the interests of Arcadia Land Company and the Downtown Action Team. (Am. Res. R-2006-074, passed 08-22-06)
(E) Any proceeds received from the development of the city's assets shall be dedicated for the reinvestment in the revitalization of downtown.
(F) The policy of the city shall be to select the projects brought forward by the master developer which are in the best interest of the city.
(G) The master plan shall identify project stages and shall establish time frames for development of each activity. The master plan shall be submitted to the city within 90 days. Firm financial commitments for the first development stage shall be submitted to the city within 120 days.
(Res. 47-1999, approved 4-27-99)
Editor's note:
For approval of the master plan for the Alvarado Transportation Center Metropolitan Redevelopment Project, see Res. 113-1999, approved 10-27-99. For approval of the development agreement for the Alvarado Transportation Center Metropolitan Redevelopment Project, see Res. 114-1999, approved 10-27-99