THE BERNALILLO COUNTY COMMISSION APPROVES THE SANTOLINA TAX PLAN … BUT JUST NARROWLY. THE VOTE WAS TUESDAY NIGHT AT A MEETING IN WHICH OPPONENTS OF THE TAX PLAN TESTIFIED THEY DIDN’T WANT TO PAY A TAX FOR SOMETHING MOST DEVELOPERS PAY FOR THEMSELVES.
THE SANTOLINA TAX PLAN ALLOWS THE COMPANY BEHIND THE DEVELOPMENT PLAN TO DIVERT PART OF THE FUTURE TAX GENERATED TO REIMBURSE THE DEVELOPER FOR BUILDING PUBLIC AMENITIES, LIKE PARKS AND STREETS. THE REIMBURSEMENT IS CAPPED AT 500-MILLION DOLLARS, BUT WOULD BE ADJUSTED HIGHER FOR INFLATION.
