HOUSE BILL 356

53rd legislature - STATE OF NEW MEXICO - first session, 2017

INTRODUCED BY

Rodolpho "Rudy" S. Martinez and Daymon Ely

and Joanne J. Ferrary and Candie G. Sweetser

AN ACT

RELATING TO ECONOMIC DEVELOPMENT; EXPANDING THE PURPOSE OF THE LOCAL ECONOMIC DEVELOPMENT ACT TO INCLUDE THE PROMOTION OF LOCAL BUSINESSES; REQUIRING THE ECONOMIC DEVELOPMENT DEPARTMENT TO USE A PORTION OF THE MONEY APPROPRIATED FOR IMPLEMENTING THAT ACT FOR RESIDENT BUSINESS PROJECTS.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

     SECTION 1. Section 5-10-2 NMSA 1978 (being Laws 1993, Chapter 297, Section 2, as amended) to read:

     "5-10-2. FINDINGS AND PURPOSE OF ACT.--

          A. The legislature finds that:

                (1) development of the New Mexico economy is vital to the well-being of the state and its residents;

                (2) it is difficult for municipalities and counties in New Mexico to promote local businesses and to attract and retain businesses capable of enhancing the local and state economy without the resources necessary to compete with other states and locales;

                (3) municipalities and counties may need to be able to provide land, buildings and infrastructure as a tool for basic business growth and the introduction of basic business ventures into the state;

                (4) it is in the best interest of the state, municipalities and counties to encourage local or regional solutions to economic development, including the promotion of local businesses; and

                (5) the access to public resources needs to be carefully controlled and managed for the continued and future benefit of New Mexico citizens.

          B. The purpose of the Local Economic Development Act is to implement the provisions of the 1994 constitutional amendment to Article 9, Section 14 of the constitution of New Mexico to allow public support of economic development to foster, promote and enhance local economic development efforts while continuing to protect against the unauthorized use of public money and other public resources. Further, the purpose of that act is to allow municipalities and counties to enter into joint powers agreements to plan and support regional economic development projects, including investments in arts and cultural districts created pursuant to the Arts and Cultural District Act."

     SECTION 2. TEMPORARY PROVISION.--In fiscal year 2018, the economic development department shall expend at least two million dollars ($2,000,000) of money appropriated to the department in prior fiscal years and appropriated for the purpose of implementing the Local Economic Development Act for projects that support resident businesses. As used in this section, "resident business" means a business that has a valid resident business certificate issued by the taxation and revenue department in accordance with Section 13-1-22 NMSA 1978.

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