SB 222 APPLICATIONS TO ECON. DEVELOPMENT DEPT.

Sen George K Munoz

Actions: [4] SCC/STBTC/SFC-SCC

Scheduled: Not Scheduled

 Senate Bill 222 (SB 222) relating to Economic Development provides for applications to the Economic Development Department for funding pursuant to the Local Economic Development Act. Requires an annual report. 

 Senate Bill 222 (SB 222) provides for applications to the Economic Development Department for funding pursuant to the Local Economic Development Act. 

SECTION 1 amends Municipalities and Counties Section 5-10-8 NMSA 1978 (being Laws 1993, Chapter 297, Section 8, as amended) in Applications Subsection A to delete outdated material and allow applications to the department for public support of a qualifying entity’s economic development project with the restriction that an application to a local or regional government shall not be made until the local or regional government has adopted an economic development plan. 

B. Requires the department’s application shall be made available online.

SECTION 2 amends Section 5-10-9 NMSA 1978 (being Laws 1993, Chapter 297, Section 9, as amended) to insert Application into the title and add throughout that the department shall be included in the process. In Subsection A, text is added to require that any public support from a local or regional government shall be approved by ordinance.

SECTION 3 adds a new section of the Local Economic Development Act, Section 5-10-15.1 NMSA 1978, to require an annual report.

A. The department shall compile an annual report on the public support provided for economic development projects by all local or regional governments and the department. The report shall include the data specified in this subsection.

B. The department shall present the annual report to the Legislative Finance Committee with an analysis of the effectiveness and cost of the Local Economic Development Act. 

C. The department shall publish the report on its website; provided that the department shall not include any confidential, sensitive or proprietary information about a qualifying entity, including its financial information, management information or trade secrets. 

 Senate Bill 222 amends current statute, which does not include the Economic Development Department in the funding process of the Local Economic Development Act.