Opponents of a state-backed tax scheme to help develop a parcel of land on Albuquerque’s West Mesa say they aren’t surprised by news that the company behind the plan has filed for bankruptcy.
Here’s a copy of the bankruptcy filing.
“What we all said was going to happen and what we knew was going to happen finally happened,” said Rep. Ben Rodefer, a Democrat from Corrales. “They were not viable financially and not of the caliber we should want to be in a relationship with.”
One year ago, Rodefer was one of the strongest voices against California-based Westland DevCo/SunCal’s quest for legislative approval of a plan to tap future state tax receipts to develop a 55,000-acre parcel of land into a master-planned community on Albuquerque’s West Side.
The funding scheme, called a tax increment development district, or TIDD, is supposed to be used to spur revitalization of historic districts or other infill development within cities – not to aid companies who want to build up previously undeveloped tracts of land.
Westland DevCo/SunCal announced this week that it has filed for bankruptcy on its New Mexico properties after defaulting on $188 million in loans. A number of the company’s developments in other states have also gone bankrupt.