TIF Lifecycle
Plan (Year 1)
- Conduct an initial TIF economic analysis.
- Assess the feasibility of establishing a TIF district.
- Collect essential data, including parcel, GIS, and financial information.
MRA staff and consultants complete analysis to determine if a TIF is feasible and would be a valuable economic tool for an area.
The Downtown and West Central TIF Districts are here:
Work with County and State to establish tax baselines.
Establish (Year 2)
- Formally establish the TIF district through legislation.
- Collaborate with County and State officials to set tax baselines.
- Determine participation levels from each contributing jurisdiction (City, County, and State).
- Develop a TIF Plan that outlines funding priorities and programs.
All jurisdictions that will contribute to the TIF (City, County, State) must pass their own resolutions to establish the percentage of their participation. MRA works with each jurisdiction to establish the tax baselines and creates a TIF Plan.
The Downtown and West Central TIF districts were established by City Council. MRA is working with Bernalillo County and the State to set tax baselines and discussing their participation by dedicating a portion of their increment for reinvestment.
Implement (Years 3 - 5)
- Finalize tax baselines; the County and State begin capturing TIF revenues.
- Funds exceeding the baseline are distributed to the City.
- MRA and the TIF Board recommend projects and programs for funding.
- As investment increases, TIF revenue grows, supporting further development.
As baselines are established and TIF revenues begin to flow, MRA works with the TIF Board and City Council to establish funding for the programs outlined in the TIF Plan. As funding becomes available, reinvestment of TIF funds will begin in the area. This spurs confidence for investors and developers and initiates higher levels of development in the area.
Analyze (Years 6 - 20)
- Annual reports assess TIF performance and impact.
- Updates to the TIF Plan are made based on revenue growth and community needs.
- A final report is prepared at the conclusion of the TIF, summarizing total revenues and expenditures.
As the TIF continues to grow, MRA will track activities and funds through annual and periodic reports. MRA will also evaluate TIF programs and recommend updates to TIF Plans as needed.