New Mexico Legislators Speak Out on Failed SunCal Tax Increment Financing Bill

We’ve been reporting about SunCal’s attempts to get a $408 million tax increment subsidy bill through the New Mexico legislature in support of their sprawling project on Albuquerque’s west side, and how it portends for SunCal’s Alameda Point project, and the tax-increment subsidy they want from Alameda taxpayers. New Mexico legislators speak-out in this Associated Press story.

SunCal’s heavily lobbied bill died in the New Mexico senate last night. The Associated Press wrote:

Eleven lobbyists, an onslaught of advertising and a slew of campaign contributions had tried to pave the way for the measure since a similar bill failed last year.

and New Mexico legislators said:

“I’ll be damned if I’ll sit here and be sold a bill of goods,” said Rep. Mimi Stewart, D-Albuquerque.

“This is not a healthy company. This is not a healthy market. This is not a sustainable way to do things,” said Rep. Elias Barela, D-Belen.

Critics also said the huge development would “cannibalize” other communities as existing businesses moved to the TIDD.

The New Mexico story should be read closely by Alameda residents trying to understand how SunCal will move forward here in Alameda.