Latest news with #SB481
Yahoo
01-04-2025
- Business
- Yahoo
Q&A released on potential changes coming to New Mexico State Fairgrounds
Video: Coverage of the fair in 2024. ALBUQUERQUE, N.M. (KRQE) — Bernalillo County released an update on the future of New Mexico's state fair Tuesday morning. The new details come after Gov. Michelle Lujan Grisham spoke in late 2024 about potentially moving the state fair, and upgrading the fairgrounds. Take a look at the questions and answers provided by Bernalillo County below: The county says this is the State of New Mexico's decision. Full Response: 'It is state-owned land and ultimately the State of New Mexico's decision. The state's General Services Department released a $500,000 request for proposal (RFP) on March 6 for professional consultants to propose a master plan that will form the baseline for determining the area's future, including the location of the fair and any new improvements to the site. The state's General Services Division will select the consultant that will form the master plan.' The state says, 'there is substantial potential to increase the usage of the State Fairgrounds on a year-round basis.' Full Response: 'State Sen. Mimi Stewart (D-Albuquerque), whose district includes the State Fairgrounds, also has advocated significant revitalization of the area to include 'a mixed-use, mixed-income, walkable, green space-filled neighborhood.' She sponsored Senate Bill 481, which passed both the state House and Senate during the just-ended legislative session and is awaiting the governor's signature. If signed into law, it will create a State Fairgrounds District and form a mechanism to finance redevelopment in the area, based on the findings in the master planning process.' This bill, sponsored by state Sen. Mimi Stewart, forms the 'State Fair District.' Full Response: 'This district would encompass the existing fairgrounds and any contiguous land acquired subsequently, aiming to revitalize the area through economic development initiatives. The bill includes provisions for a property tax levy and authorizes the issuance of up to $500 million in bonds to finance infrastructure projects within the district. SB 481 names the district board members as the following seven elected officials or their designees: the governor; the state senator, state representative, county commissioner and city councilor from the area; the mayor and a representative community member selected by the governor. This board will appropriate funding for the district.' The Expo site is in Bernalillo County, as opposed to Albuquerque. Full Response: While the land is owned by the state, the Expo New Mexico site is technically not in the City of Albuquerque but in the unincorporated area of Bernalillo County. For any private development on the land, developers could seek permitting either through the city or the county. Request-for-proposal submissions are due April 18. Full Response: 'They will be reviewed and scored by a committee selected by the state's General Services Department. The contract is scheduled to be awarded by May 9, per the state website.' Bernalillo County is not aware of a specified location at this time. Full Response: 'The state approved the governor's capital outlay request for funding in House Bill 450 in the amount of $14 million for 'EXPO NM Fairgrounds Infrastructure Improvements and site acquisition.' Bernalillo County, however, is not aware of a named location or vision for the future of the annual State Fair.' It would allow some tax revenue to stay in the district for developing infrastructure. Full Response: 'The district would allow for certain tax revenue (state GRT, gaming revenue, and property tax) from the defined 'district' – in this case, the area of the current fairgrounds – to stay in the district to finance its infrastructure development – such as for roads, water/sewer and community facilities. The district would need the approval of the state Board of Finance, New Mexico Finance Authority and the state Legislature to issue bonds, which then could expedite development. District funds would be controlled by a specially created body of elected officials or their designees.' Those chances will be announced once a master-plan developer is chosen. Full Response: 'Further opportunities will be scheduled after a master-plan developer is selected and can field questions in the setting of a public meeting. The potential contractors have been encouraged to consider data-driven economic analysis and community engagement in forming the master plan.' A finalized plan is expected to be available by early 2026. Full Response: 'Upon selection of a developer for the master plan in May, public engagement, including in-person public meetings, will follow through the summer. A draft of the master plan is expected by fall, and a finalized plan should be available no later than early 2026. A budget and construction timeline then would be determined by the District Board.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
12-03-2025
- Business
- Yahoo
Lawmakers look at how to manage property if state fairgrounds are moved
SANTA FE, N.M. (KRQE) – While the governor considers moving the fairgrounds out of the International District in Albuquerque, lawmakers are now working on a plan for how to structure what could be a once in a generation redevelopment. The bill, SB 481, would set up a new district detailing how the more than 200-acre Expo New Mexico property would still be overseen by the state, if the fairgrounds pack up for a new location. Story continues below Video: Wrong way high-speed chase on I-25 in Albuquerque ends in arrest Environment: ABQ BioPark moves some birds indoors to protect them from avian flu Real Estate: Private lake retreat listed for $3.1 million in Santa Rosa 'There are redevelopment and reinvestment opportunities in surrounding neighborhoods,' said New Mexico Governor Michelle Lujan Grisham (D). So, what happens if a redevelopment moves forward? Lawmakers are now trying to set up a board to execute it. Democratic Senator Mimi Stewart is sponsoring the bill to create a new 'Fairgrounds District,' which would keep the property in state hands, out of city and county control. 'Grocery stores and pharmacies will return. They have abandoned the area. Adjoining property owners will see their homes and business real-estate increase in value,' said Sen. Mimi Stewart, (D-Albuquerque). Under the idea, the district could sign on contracts with neighboring governments, accept grants for redevelopment, or sell the property. 'This is a tremendous tool and opportunity to begin to improve the neighborhood, increase affordable housing access and do a lot of the things that the community has been hoping to do for several years,' said Roger Valdez, Director of Center for Housing Economics. The bill would also make a five-member district board, made up of the governor, lieutenant governor, and Albuquerque mayor. Sen. Stewart stresses that a financial plan is needed. 'Masterplan is meaningless without a financial vehicle and that's what this bill would do,' said Sen. Stewart. The bill cleared the Senate Tax, Business, and Transportation committee Tuesday afternoon with a few changes. It now heads to Senate Finance. There's no guarantee at this point that the fairgrounds will be redeveloped. Earlier this month, the state quietly reposted its request to private developers to create a master plan for the district. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
