Subsidy Tracker Individual Entry

Company: 
Forest City Covington
Parent Company: 
Forest City Enterprises
Subsidy Source: 
local
Location: 
New Mexico
City: 
Albuquerque
County: 
Bernalillo
Project Description: 

Mesa del Sol land development

Year: 
2007
Major Industry of Parent: 
real estate
Specific Industry of Parent: 
real estate
Subsidy Value: 
$500,000,000
Program Name: 
multiple
Awarding Agency: 
Albuquerque City Council
Type of Subsidy: 
MEGADEAL
Source of Data: 

The subsidy value is cited in an Albuquerque City Council document, "Tax Increment Development Districts (TIDDs) Information Memo," which is online at http://www.cabq.gov/council/documents/tidds.

Notes: 

The subsidy comes from a 13,000-acre tax increment development district (TIDD) in which increases in gross receipts and property tax revenues are diverted to pay off bond issues whose proceeds are use to pay for the developer's infrastructure costs. The future of Mesa del Sol is uncertain as Forest City Covington spent much of 2012 trying to sell its stake in the project. Overlaps with main Subsidy Tracker data: none.

Source Notes: 
If an online information source is not working, check the Tracker inventory page for an updated link.