HOUSE BILL 181
54th legislature - STATE OF NEW MEXICO - second session, 2020
RELATING TO PUBLIC FINANCES; AUTHORIZING THE ECONOMIC DEVELOPMENT DEPARTMENT TO PARTICIPATE IN CERTAIN LOCAL AND REGIONAL RETAIL ECONOMIC DEVELOPMENT PROJECTS.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
SECTION 1. A new section of the Local Economic Development Act is enacted to read:
"[NEW MATERIAL] STATE PARTICIPATION IN RETAIL ECONOMIC DEVELOPMENT PROJECTS--ECONOMIC DEVELOPMENT DEPARTMENT.--
A. The department may participate with local or regional governments in economic development projects that are primarily engaged in the sale of goods or commodities at retail; provided that the business:
(1) is located in a municipality with a population of ten thousand or less according to the most recent federal decennial census and the business will not directly compete with an existing business that is in the municipality and engaged in the sale of the same or similar goods or commodities at retail; or
(2) is located more than ten miles from the closest municipality with a population greater than ten thousand and would not directly compete with an existing business that is engaged in the sale of the same or similar goods or commodities at retail and is located within ten miles of the project location.
B. The department may participate with a local or regional government in an economic development project pursuant to this section only if the business is:
(1) a licensed place of business where drugs are compounded or dispensed and pharmacist services are provided, commonly known as a pharmacy, and the business does not have a location in another state and does not offer for sale alcoholic beverages;
(2) a store, commonly known as a hardware store, whose primary source of revenue is the sale of hardware and related products for household or commercial use, which may include farm and ranch supplies, including animal feed; or
(3) a store, commonly known as a grocery store, whose primary source of revenue is the sale of food products for home consumption and other customary grocery products."
SECTION 2. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2020.
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