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New Mexico Fights Back Against SunCal Redevelopment Subsidies

A freshman state senator in New Mexico is pushing to limit the subsidies that the state can grant developers through tax-increment financing, a.k.a. “redevelopment.” SunCal is lobbying for $408 million of redevelopment subsidies in New Mexico, and will soon be lobbying for subsidies here in Alameda, where they say it will cost $700 million to replace infrastructure at Alameda Point.

According to the Las Cruces Sun-News, New Mexico Senator Steve Fischmann is introducing legislation to reign in developer subsidies through tax increment development districts (TIDDS.)

“This will insure that existing revenues are not cannibalized by TIDDs, and will create incentives for developers to attract new businesses and economic activity to the state,” Fischmann said. “Developers would no longer receive subsidies for enticing economic activity away from other New Mexico communities and into their developments.”

“The result is that the tax set asides come out of existing revenues that have simply moved from one community to the TIDD subsidized area,” he said.

We face the same problems with Alameda Point. Development at Alameda Point is not likely to generate new economic activity, but just attempt to shuffle it around within the East Bay. But Alameda Point retail property owners are un-likely to steal much in the way of retail sales from Emeryville, who’s high per-capital sales tax Alameda City Council covets.

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