New Mexico § 6-25-5 Additional duties of the economic development department

New Mexico Statutes

§ 6-25-5 — Additional duties of the economic development department

New Mexico § 6-25-5

Ch. 6Public Finances

Art. 25Statewide Economic Development

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Bluebook

N.M. Stat. Ann. § 6-25-5 (2026).

Text

and the New Mexico finance authority; opt-in agreements. A. For the purpose of recommending projects to the authority for financing assistance, the department and the authority shall coordinate to:

(1)survey potential eligible entities and projects and provide outreach services to local governments and eligible entities, for the purpose of identifying and recommending projects to the authority for financing assistance;

(2)evaluate potential projects for suitability for financing assistance;

(3)formulate recommendations of projects that are suitable for financing assistance; and (4) obtain input and information relevant to the establishment and implementation of criteria for evaluating potential projects. B. The department, with such staffing and other assistance from the authority as th

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and the New Mexico finance authority; opt-in agreements. A. For the purpose of recommending projects to the authority for financing assistance, the department and the authority shall coordinate to: (1) survey potential eligible entities and projects and provide outreach services to local governments and eligible entities, for the purpose of identifying and recommending projects to the authority for financing assistance; (2) evaluate potential projects for suitability for financing assistance; (3) formulate recommendations of projects that are suitable for financing assistance; and (4) obtain input and information relevant to the establishment and implementation of criteria for evaluating potential projects. B. The department, with such staffing and other assistance from the authority as the department may request, shall propose to enter into opt-in agreements with counties, school districts and municipalities for the purpose of facilitating local government approvals necessary to permit projects to proceed. Opt-in agreements shall provide: (1) for project compliance with all applicable local land use regulations; (2) for payments in lieu of taxes to qualifying counties, school districts and, if applicable, qualifying municipalities to mitigate the tax impact of a project; (3) that financing assistance is conditioned upon compliance with: (a) all applicable ordinances, regulations and codes of a local government concerning planning, zoning and development permitting; and (b) such other requirements as the department and the county, school district and municipality may agree to include; (4) that the payments in lieu of taxes shall be distributed in a manner and in amounts calculated in accordance with the provisions of Section 6-25-14 NMSA 1978; and (5) that the county, school district or municipality reserves the right to withdraw from the agreement if it determines that the project subject to the agreement does not satisfy the requirements enumerated in the opt-in agreement. C. The department shall adopt rules for the exercise of its powers and responsibilities pursuant to the Statewide Economic Development Finance Act.