ALBUQUERQUE, N.M. (KRQE) – Albuquerque City Councilors signed off on a plan to spur development on the University of New Mexico‘s south campus. The city and UNM teamed up on the project designating the area around Gibson and University as its own ‘tax increment development district.’
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That means taxes from the area would go toward improving university land there with roads, sidewalks and sewers. UNM could then develop the empty land for retail, private research, facilities and more. Development in the area is expected to lead to more than $600 million in investments over 20 years and create more than 4,000 permanent jobs.