Title
Discussion on Metropolitan Redevelopment Area (MRA) Commission
Body
Councilor Herrmann requested a discussion about the option of creating a Metropolitan Redevelopment Area (MRA) Commission. Currently, the County Council serves as the decision making governing body having authority over the two MRA's in Los Alamos - White Rock and Los Alamos Downtown East.
Background
New Mexico State Statute empowers municipalities to establish Metropolitan Redevelopment Areas in downtown areas suffering from blight, physical and economic deterioration, and/ or facility underutilization. The statute grants municipal bodies the ability to implement certain activities within these areas that can stimulate economic development, including:
- Land and building acquisition
- Adaptive reuse or demolition
- Rezoning and modification of zoning regulations
- Transportation improvements
- Cultural and community facilities
- Housing projects
MRA tools to incentivize redevelopment of blighted areas include:
- Establishes a basis for creating a Tax Increment Financing (TIF) district that dedicates increased tax revenues generated by redevelopment within the district for reinvestment in public improvements within the district.
- Creates a framework and priorities for considering Public-Private Partnerships where public funds assist with making the re-development feasible such as providing fee waivers or reimbursing the costs of public infrastructure and demolition costs associated with the re-development project.
- Establishes a basis for creating a Tax Increment District (TID) where tax revenues generated by the redevelopment project are reinvested into the project for public amenities and infrastructure.
- Establishes the basis for requesting a Zoning Code change or exemption.
- Establishes priorities for Local Economic Development Act (LEDA) funding request for economic development growth.
Assessment of the White Rock town center for MRA eligibility was completed and presented to...
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