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.
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“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.