SunCal and TIDDs: Upping the Corporate Welfare Ante

marjorie says...

There's a huge debate raging just under the radar in Albuquerque at the moment, about what amounts to massive corporate tax subsidy schemes called TIDDs. You can read about TIDDs here, here, and here...some of which was written by me.

In a nutshell, TIDDs use something called "Tax Increment Financing" to subsidize the payday of big corporations to the tune of not millions upon millions, but billions of tax revenue for decades to come. We're talking State Revenue, City Revenue, and County Revenue.

It's really amazing and, as ever, New Mexico is setting the bar for this particular form of corporate welfare higher than any other state has managed to do so far. We're pretty good at that here in the Land of Enchantment.

Want to see the scope of what we're talking about for Albuquerque/Bernalillo County? Here is a map provided by Councilor Michael Cadigan's office:



Yep, that's the Atrisco Land Grant in red. And Suncal Corporation wants you and me to give them 75% of future Gross Receipts and Property tax generated in that big red area for decades to come. Not just City revenues, but State revenues and County revenues too. Why?

Big Developer: Well, so we can conduct our development business, duh.

Me: Huh? (Scratching head, perplexed look on face)

Question: Do we really need to pay big developers to develop prime empty land on the fringes?

Answer: uh...NO. They are going to do it anyway.

What are the ramifications for the rest of us if they get our tax money? Well, I can write a book, so I urge you to read some of the other posts I've linked. But in a nutshell...the rest of us non-Tidd residents are facing increased taxes over many decades to meet the collective needs of our community, which are many.

Councilor Cadigan is introducing a bill next Monday, December 3, at the City Council to roll back the legislation allowing this to happen. If you agree that these TIDDs in the greenfield areas are bad, please call your Councilor and urge him or her to support the bill. Also, go to the meeting on Monday and speak during public comment. See you there!

Want to know more but can't wrap your head around all the jargon in the written pieces?
Watch a debate on KNME's "In Focus/The Line" (Channel 5): tonight at 7pm, and again on Sunday, at 6:30am.