SENATE BILL 281

55th legislature - STATE OF NEW MEXICO - first session, 2021

INTRODUCED BY

Steven P. Neville

 

 

 

 

 

AN ACT

RELATING TO ECONOMIC DEVELOPMENT; PROVIDING FOR CONTRACT RENEGOTIATIONS FOR CERTAIN BUSINESSES ADVERSELY AFFECTED BY A PUBLIC HEALTH ORDER.

 

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] CONTRACT RENEGOTIATION.--A qualifying entity that has entered into a project participation agreement with the state or a local or regional government pursuant to the Local Economic Development Act shall be afforded the opportunity to renegotiate the terms of the project participation agreement on or before December 31, 2021 if:

          A. the qualifying entity entered into the project participation agreement on or after January 1, 2016 and the agreement is in effect through December 31, 2021;

          B. the qualifying entity fulfilled or exceeded its obligations pursuant to the project participation agreement as of March 1, 2020; and

          C. the qualifying entity was forced to close or reduce its workforce as a result of a public health order issued to address the coronavirus disease 2019 public health emergency."

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