Commission approves introduction of Uptown Connect revenue bond for 239‑unit mixed‑use project

Bernalillo County commissioners voted to introduce a project revenue bond for the Uptown Connect development in Uptown Albuquerque, a mixed‑use project that will include a redesigned transit center, two towers, retail and public plaza.

Director Marcos Gonzales and Kathy Korte, the county’s chief of government affairs, described the project as a public‑private coordination with the city and developer Palindrome. Korte told the commission the total project is “just a little bit over $115,000,000” and that the development will include 239 units, of which 203 will be affordable, with a 30‑year term and a proposed 100% tax exemption tied to the revenue bond.

Why it matters: County staff said the revenue bond and tax exemption are financing tools that make affordable housing feasible by enabling developers to use low‑income housing tax credits and the state volume cap. The project also ties to a transit‑center redesign and federal RAISE grants that county staff and commissioners said made the Uptown corridor attractive for public and private investment.

Commission discussion: Commissioners emphasized neighborhood amenities and economic benefits. Commissioner Frank Baca praised inclusion of public‑facing features — “public art, outdoor and gathering areas, and interactive water feature and a dog park” — and Commissioner Barbara Baca and Chair Olivas noted broad public and legislative support. Commissioners said Palindrome has a track record of mixed‑use development and that multiple funding partners were involved.

Outcome: The commission approved the resolution for introduction by a 4–0 vote; staff said the next step is a request to the State Board of Finance for volume‑cap allocation before the county takes final action.

Next steps: Staff will present the project to the State Board of Finance and return to the commission for final approval and any required administrative steps.