ModelThe Client
Winrock Partners LLC
Hunt Development Properties

 

 

 

 

 

 

 

The Project
The Winrock Mall is being redeveloped as a mixed use town center including lifestyle retail and entertainment, housing, and employment uses. The existing mall will retain its department store anchors while the aging mall is demolished. The project was seeking tax increment financing under the recently approved Tax Increment for Development Act (TIDD). The proposed TIDD would generate an estimated $130 million in revenue bonds based on utilizing city and state gross receipt tax (GRT) and property tax revenues.

Our Role
EPS conducted a feasibility study to verify and validate the market potentials, and revenue and financing forecasts and assumptions. EPS also conducted a comprehensive fiscal impact analysis for the City of Albuquerque and State of New Mexico to determine the portion of City tax dollars needed to cover operation and maintenance costs associated with the project. Based on the fiscal analysis, the project was approved for a 75 percent of the future property and 70 percent GRT tax revenues to support revenue bonds to pay for the eligible public improvements. EPS was also engaged to update the market, fiscal and financial reports to support a request for changing the TIDD Base Year.

Outcome
Approval for $136 million in tax increment financing from the City of Albuquerque and the State of New Mexico utilizing a Tax Increment for Development District (TIDD).