ALBUQUERQUE, N.M. (AP) - The Albuquerque City Council has approved a resolution enabling a new tax financing plan that could result in commercial development around the University of New Mexico.

A non-binding resolution passed by the council Monday enables negotiations to create a Tax Increment Development District.

Officials say the financing mechanism would allow developers to build around the university’s athletic venues and Science & Technology Park and receive reimbursement through city sales or property tax.

University officials say potential developments include parking garages, commercial and retail space and other projects that could generate up to $516 million in new tax revenue over 25 years.

Officials say the development is expected to create thousands of jobs.

Officials say previous efforts to generate development in the area have been derailed by infrastructure costs.

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