(A) Defined Terms. As used in this Formation Resolution and the recitals above, the following terms shall have the meanings specified, unless the context clearly requires otherwise (such meanings to be equally applicable to both the singular and the plural forms of the terms defined):
ACT
means the Tax Increment for Development Act, Sections 5-15-1 through 5-15-28, NMSA 1978, as supplemented and amended, the Home Rule Powers and all enactments of the City’s Governing Body, including the TIDD Ordinance and this Resolution.
APPLICANT
means Winrock Town Center LLC, a Delaware limited liability company.
APPLICATION
means the petition for formation of the Winrock Town Center Tax Increment Development Districts 1 and 2 and documentation incorporated by reference in the Application and submitted to the City pursuant to the Act and the TIDD Ordinance.
BONDS
or
DISTRICT BONDS
or
TIDD BONDS
means Tax Increment Bonds issued by Districts 1 and 2, collectively or individually.
CITY
means the City of Albuquerque, New Mexico.
DISTRICT
or
DISTRICTS
or
TIDD
or
TIDDS
means, as the context requires, both or either one of Districts 1 and 2.
DISTRICT BOUNDARY MAP
means the map attached as Attachment 1 to the Tax Increment Development Plan.
DISTRICTS 1 and 2
or
TIDDS 1 and 2
means the Winrock Town Center Tax Increment Development Districts 1 and 2.
FINANCIAL FEASIBILITY STUDY
means the study of the estimated costs and financing methods of the TIDD Infrastructure Improvements submitted by the Applicant in connection with its Petition for formation of the Winrock Town Center Tax Increment for Development Districts 1 and 2.
FORMATION DOCUMENTS
means the Application and such other documents as are required by the Act and the TIDD Ordinance to be submitted by a petitioner in connection with a petition for the formation, implementation and governance of the District.
FORMATION RESOLUTION
means City Council Bill No. F/S R-08-126, Enactment No. R-2008-120 adopted by the City in connection with its approval of the formation of the Districts.
GROSS RECEIPTS TAX INCREMENT
means the gross receipts taxes collected within a District in excess of the base gross receipts taxes collected for the duration of the existence of that District and distributed to that District in the same manner as distributions are made under the provisions of the State Tax Administration Act.
MASTER DEVELOPMENT AGREEMENT
means the master development agreement by and between the Applicant and the City in accordance with Section 5(L) of the TIDD Ordinance, which Master Development Agreement shall be ratified by the Districts and entered into by each District, the Applicant and the City, in accordance with the provisions of the Master Development Agreement.
PETITION
means the petition for formation of Districts 1 and 2 submitted pursuant to the Act and the TIDD Ordinance.
PROPERTY TAX INCREMENT
means all property tax collected on real property within a District that is in excess of the base property tax until termination of that District and distributed to that District in the same manner as distributions are made under the provisions of the State Tax Administration Act.
PUBLIC SAFETY TAX
means the 0.25% increment of local gross receipts taxes enacted by the City pursuant to sections 4-3-8-1 et seq., ROA 1994.
REAL PROPERTY
means the real property described in the District Boundary Map.
STATE
means the State of New Mexico.
TAX INCREMENT BONDS
means bonds issued by a District in accordance with the Act and secured by 70% of the revenues of the Gross Receipts Tax Increment, and 75% of the revenues of the Property Tax Increment.
TAX INCREMENT DEVELOPMENT PLAN
means the tax increment development plan for Districts 1 and 2, including a map depicting the boundaries of the District, as required by the TIDD Ordinance and Section 5-15-5 of the Act.
TIDD INFRASTRUCTURE IMPROVEMENTS
means the public infrastructure improvements to be financed with proceeds of TIDD Bonds as described and in the approximate locations shown in Exhibit 1 to the Tax Increment Development Plan.
TIDD ORDINANCE
means City Council Ordinance Bill No. F/S O-06-44, Enactment No. O-36-2006.
TRANSPORTATION INFRASTRUCTURE TAX
means the 0.25% increment of local option gross receipts taxes enacted by the City pursuant to Sections 4-3-7-1 et seq., ROA 1994.
(B) Construction of Formation Resolution. Except as otherwise expressly provided in this Resolution, or unless the context otherwise requires:
(1) The singular includes the plural and the plural includes the singular.
(2) All accounting terms not otherwise defined in this Resolution have the meanings assigned to them in accordance with generally accepted accounting principles in the United States.
(3) All references to Sections shall refer to Sections of this Resolution, unless otherwise stated.
(4) Words importing any gender include the other gender.
(5) “Herein,” “hereby,” “hereunder,” “hereof,” “hereinbefore” and “hereafter” refer to this Resolution and not solely to the particular portion of this Resolution in which such word is used.
(6) All times will be local time in the City unless otherwise designated in this Resolution.
(C) Findings. The City hereby declares that it has considered the Application, Master Development Agreement and all other relevant information and data, and hereby makes the following findings:
(1) As planned and proposed by the Master Development Agreement, the Applicant will construct the TIDD Infrastructure Improvements in accordance with the estimated construction schedule included in the Application, the City’s rules and regulations and the Master Development Agreement. The TIDD Infrastructure Improvements will be constructed to City specifications, and will be subject to inspection, approval and acceptance by the City prior to dedication to the City.
(D) Approval of Master Development Agreement. The Master Development Agreement is hereby accepted and approved. The Chief Administrative Officer of the City is authorized and directed to execute the Master Development Agreement on behalf of the City, with such changes as are consistent with the provisions of this Resolution, as contemplated by the Master Development Agreement, with terms and provisions that are consistent with the Master Development Agreement and this Resolution. In the event of a discrepancy in the terms thereof, the Master Development Agreement shall control over the Tax Increment Development Plan.
(E) Appointments to the Governing Body of the District.
(1) The District's governing body shall be composed of the following five voting members and two ex officio, non-voting members:
(a) The City Councilor from District 7, who is currently Michael Cook;
(b) The City's Deputy Chief Administrative Officer, Gilbert Montaño;
(c) A representative of Bernalillo County, who is currently Dennis Chavez;
(d) A representative of the Applicant, who is currently Debbie Bonsignore; and
(e) The Secretary of Finance and Administration or his designee.
(2) Non-voting Ex Officio members:
(a) The State Representative for District 26 (the District in which the Real Property is located), who is currently Al Park; and
(b) The State Senator for District 15 (the District in which the Real Property is located), who is currently Tim Eichenberg.
(3) The City Councilor sitting on the Board shall be the Chair of the Board, Gilbert Montaño, so long as he is a board member, shall be the clerk of District and Debbie Bonsignore, so long as she is a Board member, is appointed treasurer of District.
Within six years following the formation of District, the board shall hold an election of new directors by majority vote of owners and qualified resident electors in accordance with the Act or governance of the District shall then revert to the City Council.
(F) Amendments. This Resolution may be amended or supplemented by ordinance or resolution adopted by the City Council in accordance with the laws of the City and the State.
(G) Repealer. All resolutions, or parts thereof in conflict with the provisions of this Resolution, are hereby repealed to the extent only of such inconsistency. To the extent, if any, that this Resolution conflicts with any provision of the TIDD Ordinance, that provision is waived solely with respect to the formation of and other matters concerning Districts 1 and 2, and the TIDD Ordinance shall remain in full force and effect in connection with any other application or project to which the TIDD Ordinance applies or may apply in the future. This repealer shall not be construed to revive any resolution, or part thereof, heretofore repealed.
(H) Severability. If any section, paragraph, clause or provision of this Resolution shall for any reason be held to be invalid or unenforceable, the invalidity or unenforceability of such section, paragraph, clause or provision shall in no manner affect any remaining provisions of this Resolution.
(Am. Res. R-2008-120, approved 10-15-08; Am. Res. R-2009-005, approved 1-15-09; Am. Res. R-2010-020, approved 1-14-10; Am. Res. R-2011-037, passed 5-26-11)