Company: Forest City Covington Parent Company: Brookfield Asset Management Subsidy Source: local Location: New Mexico City: Albuquerque County: Bernalillo Project Description: Mesa del Sol land development Year: 2007 Major Industry of Parent: diversified Specific Industry of Parent: diversified Subsidy Value: $500,000,000 Program Name: multiple Awarding Agency: Albuquerque City Council Type of Subsidy:
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 (click here). 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.