A. Following formation of a district, an area may be eliminated from the tax increment development area only following a hearing conducted upon notice given to the owners of land in the tax increment development area in the manner prescribed for the formation hearing, adoption of a resolution of intention to do so by the district board, a determination by the owners of real property within the district to eliminate the area and voter approval by the qualified electors as provided in the Local Election Act [6-9-1 to 6-9-6 NMSA 1978] and the Tax Increment for Development Act. Real property within the tax increment development area that is subject to the lien of property taxes, special levies or other charges imposed pursuant to the Tax Increment for Development Act shall not be eliminated from the district while there are bonds outstanding that are payable by those taxes, special levies or charges.

B. Following formation of a district, an area may be added to the district upon a determination by the owners of real property in the proposed additional area and the approval of the qualified electors residing therein, as well as a determination by the owners of real property in the district and approval of the qualified electors, as provided in the Local Election Act and the Tax Increment for Development Act.

C. The district board, following a hearing conducted upon notice given to the owners of real property located in the district in the manner prescribed for the formation hearing, may, subject to the approval of the governing body that approved the district's tax increment development plan, amend the tax increment development plan in any manner that it determines will not substantially reduce the benefits to be received by any land in the district from the public infrastructure on completion of the work to be performed under the general plan. A determination by the owners and an election shall not be required solely for the purposes of this subsection.

History: Laws 2006, ch. 75, § 25; 2019, ch. 212, § 207.

The 2019 amendment, effective April 3, 2019, provided that the modification of a tax increment development area be made by a determination by the owners of real property within the district as provided in the Local Election Act; in Subsection A, after "by the district board,", added "a determination by the owners of real property within the district to eliminate the area", and after "as provided in", added "the Local Election Act and"; in Subsection B, after "as well as", added "a determination by", and after "qualified electors,", deleted "in the same manner as required for the formation of a district" and added "as provided in the Local Election Act and the Tax Increment for Development Act"; and in Subsection C, after "general plan.", deleted "An" and added "A determination by the owners and an".