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South Campus TID says Lobo Crossing retail project will boost revenues but projections remain behind earlier forecasts
Summary
The board received the annual South Campus Tax Increment Development District report: Lobo Crossing (a 365,000 sq. ft. Target‑anchored retail center) is expected to begin construction in May and to generate about $4.7 million in annual gross receipts tax when open; staff said the district's FY25 receipts remain below original forecasts because of COVID and construction-cost headwinds.
The board received an annual report on the South Campus Tax Increment Development District that combined project updates, revenue performance and development planning. The presenter summarized headwinds that have delayed earlier projections — COVID, supply-chain constraints and higher construction costs — but said a major retail development, Lobo Crossing, is now expected to close in the next two weeks and start construction in May.
The presenter told the board Lobo Crossing will be a 365,000‑square‑foot shopping center on 38 acres anchored by Target, with junior anchors including Marshalls, HomeGoods, 5 Below, Michaels, Burlington, Ross and Old Navy. "We anticipate closing on Lobo Crossing in the next 2 weeks," the presenter said, and estimated the completed center will generate about $4.7 million in annual gross receipts tax.
Staff and board members discussed the impact of the project on bonding capacity and infrastructure priorities. The presenter said initial bonding capacity associated with the district could be about $40 million and that a small or "sponge" bond could be issued in November with a larger bond later. Board members pressed on whether state or other agencies will address major infrastructure needs such as the I‑25 interchange; the presenter said those decisions and coordination with the City of Albuquerque remain to be resolved.
The report also described enabling projects (site acquisitions including a former Motel 6), planning work for stadium improvements and an engagement of consultants (Decker and Gensler; financial consultants Brailsford and Dunleavy) to plan stadium phasing matched to appropriated funds. The presenter described crime‑mitigation measures — acquisitions, fencing of university‑controlled land and an AI‑based camera system deployed by American Campus Communities — that staff say have reduced problematic activity in the corridor.
The board asked staff to update financial projections in light of Lobo Crossing and to return with revised revenue forecasts prior to planned bond issuance.
