Senate committee hears plan for state-level TID to redevelop Albuquerque State Fairgrounds
Lawmakers discussed Senate Bill 481, which would create a Tax Increment Development District (TID) over the New Mexico State Fairgrounds to capture gross-receipts and gaming taxes for redevelopment; committee adopted a technical amendment and members pressed sponsors on board composition, revenue assumptions and land acquisition.
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Senate committee members heard detailed testimony about Senate Bill 481, a proposal to create a state-level Tax Increment Development District (TID) covering the New Mexico State Fairgrounds in Albuquerque and nearby contiguous property to fund redevelopment of the roughly 236‑acre site.
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