NM Board of Finance postpones vote on new rules to clarify growth
The New Mexico Board of Finance voted unanimously today to postpone a vote until its September 16th meeting on a new rule to guide them when they consider creating a Tax Increment Development District.
Board of Finance Director Olivia Padilla-Jackson told the Independent the vote was postponed in order to give the Board time to review and consider the large number of comments received, which came from a wide range of non-profit organizations and for-profit development groups, as well as local city and county politicians.
Padilla-Jackson said that in general the board agrees that there needs to be a rule in place to provide guidance and transparency for how a TIDD is created. Currently the board operates through a process that’s not codified. This new rule, should it be adopted, would formalize the process.
Comments:
Posted 07/26/2008 21:22 with
Fairness and attention to long term planning are imperative elements of their considerations. Let’s hope this will be included in their discussions.