A. Effective for tax years beginning on or after January 1, 1980, the local government may elect by resolution to use the procedures set forth in the Tax Increment Law N.M. Stat. Ann. § 3-60A-19 to 3-60A-24 for financing metropolitan redevelopment projects. Such procedures may be used in addition to or in conjunction with other methods provided by law for financing such projects.

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B. The tax increment method, for the purpose of financing metropolitan redevelopment projects, is the dedication for further use in metropolitan redevelopment projects of that increase in property tax revenue directly resulting from the increased net taxable value of a parcel of property attributable to its rehabilitation, redevelopment or other improvement because of its inclusion within an urban renewal, community development or metropolitan redevelopment project.