reglab/statecodes huggingface dataset:
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 91 - GRANTS › Part 2 - REVIEW AND SELECTION OF COLONIAS INFRASTRUCTURE PROJECTS › Section 2.91.2.14 - FINANCIAL ASSISTANCE AGREEMENT

Current through Register Vol. 35, No. 13, July 16, 2024
A.
				The authority and the qualified entity will enter into an agreement to
				establish the terms and conditions of financial assistance from the authority.
				The agreement will include the terms of repayment and remedies available to the
				authority in the event of a default. The authority will monitor terms of the
				agreement and enforce or cause to be enforced all terms and conditions thereof,
				including prompt notice and collection.
B. The interest rate on any financial
				assistance extended shall be determined by the authority based on the cost of
				funds and ability of a qualified entity to repay a loan, and in accordance with
				the policies jointly established by the board and the authority. The interest
				rate shall not change during the term of the financial assistance unless
				refinanced or unless the financial assistance is structured as a variable rate
				obligation.
C. The agreement will
				contain provisions which require financial assistance recipients to comply with
				all applicable federal, state and local laws and regulations.
D. In the event of default under a financial
				assistance agreement by a qualified entity, the authority may enforce its
				rights by suit or mandamus and may utilize all other available remedies under
				state and applicable federal law.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 91 - GRANTS › Part 2 - REVIEW AND SELECTION OF COLONIAS INFRASTRUCTURE PROJECTS › Section 2.91.2.15 - ADMINISTRATIVE COSTS

Current through Register Vol. 35, No. 13, July 16, 2024
A. The
				authority may impose and collect reasonable fees and costs in connection with
				the filing of a colonias infrastructure project proposal or an application for
				financial assistance seeking approval of a colonias infrastructure project, and
				for financial assistance from the board and the authority. The authority also
				may impose and collect an administrative fee from each qualified entity that
				receives financial assistance from the colonias infrastructure project fund. If
				an administrative fee is assessed, the administrative fee will be a percentage
				of the principal amount of the financial assistance provided to a qualified
				entity. The administrative fee may be withheld from the principal amount of the
				financial assistance and will be retained in the colonias infrastructure
				project fund. Alternatively, the authority may levy an annual fee equal to a
				percentage of the outstanding principal amount of a loan. Specific percentages
				will be based on, among other things, the volume of financial assistance being
				provided to qualified entities, the administrative costs of the board and the
				authority, and the availability of other revenue sources to cover the board's
				and the authority's administrative costs. The filing and administrative fee or
				fees may be used for, among other purposes, reimbursing the board or the
				authority for all or part of the costs of issuing bonds and other
				administrative costs, including any audits of the colonias infrastructure
				project fund and the colonias infrastructure trust fund.
B. The authority may establish such other
				charges, premiums, fees and penalties deemed necessary for the administration
				of the colonias infrastructure project fund and the colonias infrastructure
				trust fund.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 91 - GRANTS › Part 2 - REVIEW AND SELECTION OF COLONIAS INFRASTRUCTURE PROJECTS › Section 2.91.2.16 - ADMINISTRATION OF THE COLONIAS INFRASTRUCTURE TRUST FUND

Current through Register Vol. 35, No. 13, July 16, 2024
A. Pursuant to Section
				6-30-7,
				NMSA 1978, the colonias infrastructure trust fund shall be administered by the
				state treasurer's office and shall be invested by the state investment officer
				in the same manner as land grant permanent funds are invested under state law.
				All investment earnings on the colonias infrastructure trust fund shall be
				credited to the colonias infrastructure trust fund. The colonias infrastructure
				trust fund shall not be expended for any purpose, but an annual distribution
				from the trust fund shall be made to the project fund pursuant to Section
				6-30-7,
				NMSA 1978.
B. Annual distributions
				to the colonias infrastructure project fund from the colonias infrastructure
				trust fund shall be made as required by the authority.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 91 - GRANTS › Part 2 - REVIEW AND SELECTION OF COLONIAS INFRASTRUCTURE PROJECTS › Section 2.91.2.17 - ADMINISTRATION OF THE COLONIAS INFRASTRUCTURE PROJECT FUND

Current through Register Vol. 35, No. 13, July 16, 2024
A. The colonias infrastructure project fund
				shall be administered by the authority as a separate account, but may consist
				of such subaccounts as the authority deems necessary to carry out the purposes
				of the fund.
B. Money from
				repayments of loans made by the board for qualified projects shall be deposited
				in the colonias infrastructure project fund. The colonias infrastructure
				project fund shall also consist of any other money appropriated, distributed or
				otherwise allocated to the colonias infrastructure project fund for the purpose
				of financing qualified projects under the act.
C. The authority shall adopt a uniform
				accounting system for the colonias infrastructure project fund and each account
				and subaccount established by the authority, based on generally accepted
				accounting principles.
D. The
				authority may establish procedures and adopt rules as required to administer
				the colonias infrastructure project fund and to recover from the colonias
				infrastructure project fund costs of administering the fund and originating
				grants and loans.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 91 - GRANTS › Part 2 - REVIEW AND SELECTION OF COLONIAS INFRASTRUCTURE PROJECTS › Section 2.91.2.18 - AMENDMENT OF RULES

Current through Register Vol. 35, No. 13, July 16, 2024
This rule may be amended or repealed at any time by a
				  majority vote of a quorum of the board.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 92 - LEDA RECOVERY GRANT › Part 1 - GENERAL PROVISIONS › Section 2.92.1.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
All persons or entities applying for grants for the
				  reimbursement of rent, lease or mortgage payments pursuant to House Bill 11 of
				  1st Session of the 55th Legislature (hereafter, the "LEDA Recovery Grants
				  Legislation").
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 92 - LEDA RECOVERY GRANT › Part 1 - GENERAL PROVISIONS › Section 2.92.1.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Section 5-10-16 NMSA 1978 (hereafter, the "LEDA Recovery
				  Grants Legislation").
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 92 - LEDA RECOVERY GRANT › Part 1 - GENERAL PROVISIONS › Section 2.92.1.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
Explanatory note: On March 11, 2020, in response to the
				  presence in New Mexico of a highly contagious respiratory novel coronavirus
				  disease known as COVID-19, Governor Michelle Lujan Grisham declared that a
				  public health emergency exists in New Mexico under the Public Health Emergency
				  Response Act, and invoked all power and authority under the All Hazards
				  Emergency Management Act. On March 23, 2020, the New Mexico department of
				  health, pursuant to the All Hazards Emergency Management Act, issued a public
				  health emergency order to close all businesses and non-profit entities except
				  for those deemed essential, while also limiting mass gatherings due to
				  COVID-19. Since March 23, 2020, the Public Health Emergency Order has been
				  extended and modified to address the ongoing threat of COVID-19. On February
				  26, 2021, during the 1st Session of the 55th Legislature, the Governor signed
				  into law House Bill 11 (hereafter, the "LEDA Recovery Grants Legislation"),
				  whereby two hundred million dollars ($200,000,000) was appropriated from the
				  state of New Mexico general fund to the New Mexico economic development
				  department ("department" or "NMEDD") for expenditure in fiscal years 2021
				  through 2023 ("LEDA Grant Funds") to provide grants, through the NMFA, for the
				  reimbursement of rent, lease or mortgage payments. These rules govern the
				  implementation and administration of the LEDA Recovery Grant Fund enacted under
				  the LEDA Recovery Grants Legislation, and do not apply to other programs
				  established by the economic development department.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 92 - LEDA RECOVERY GRANT › Part 1 - GENERAL PROVISIONS › Section 2.92.1.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A.
"Full-time-equivalent employee or FTE"
is defined as an employee
				who works an average of 40 hours or more per week from their qualifying date of
				hire throughout the quarterly qualification period. The hours of employees who
				work fewer than 40 hours are calculated as proportions of a single FTE and
				aggregated. An FTE must be paid wages that are reported to the department of
				workforce solutions quarterly and subject to unemployment taxes. To qualify,
				the FTE must be "net new", representing:
(1) a
				growth of FTE beyond the "baseline" FTE count, with "baseline" defined as the
				number of FTE reported on December 31, 2020 or any subsequent quarterly ES903A
				filed with the department of workforce solutions prior to application whichever
				is lower;
(2) a growth of FTE
				beyond the number for which the recovery entity received total or partial grant
				payments in prior quarters; and
(3)
				a growth of FTE beyond the number in the quarter immediately preceding the
				request for a subsequent quarterly payment and for which a quarterly
				unemployment insurance report was filed with the department of workforce
				solutions.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 92 - LEDA RECOVERY GRANT › Part 1 - GENERAL PROVISIONS › Section 2.92.1.8 - MAXIMUM EMPLOYEE COUNT

Current through Register Vol. 35, No. 13, July 16, 2024
The maximum employee count in House Bill 11 of "fewer than 75
				  people employed at any of the business's business locations" for a business to
				  qualify as a recovery entity includes all employees, both full- and part-time
				  employees.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 92 - LEDA RECOVERY GRANT › Part 1 - GENERAL PROVISIONS › Section 2.92.1.9 - PER JOB CALCULATION

Current through Register Vol. 35, No. 13, July 16, 2024
Pursuant to the Local Economic Development Act, the recovery
				  grant shall be accompanied by net new FTE job creation. As part of the initial
				  application, the recovery entity shall estimate the net new FTE to be created
				  from the initial qualifying date of hire through March 31, 2022 and provide the
				  job titles for those positions, the FTE calculations and the total average
				  hourly wages. The maximum amount of the recovery grant to be provisionally
				  awarded and set aside for disbursement shall be determined by the following
				  calculation of funds per net new FTE job created:
A. The base amount of the grant per net new
				FTE job created: $10,000;
B. If the
				recovery entity has a loss in revenue of at least twenty percent and less than
				forty percent: $12,000;
C. If the
				recovery entity has a loss in revenue of at least forty percent and less than
				sixty percent: $14,000;
D. If the
				recovery entity has a loss in revenue of at least sixty percent and less than
				eighty percent: $16,000; or
E. If
				the recovery entity has a loss in revenue equal to or in excess of eighty
				percent: $18,000.
F. Wage bonus:
(1) If the average wage of all the recovery
				entity's net new FTE is over $13 per hour, the recovery entity may receive a
				bonus of $1,000 per net new FTE for which a base payment is
				calculated.
(2) If the average wage
				of the recovery entity's net new FTE is over $17 per hour, the recovery entity
				may receive an additional $1,000 per net new FTE for which a base payment is
				calculated.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 92 - LEDA RECOVERY GRANT › Part 1 - GENERAL PROVISIONS › Section 2.92.1.10 - QUARTERLY PAYMENTS

Current through Register Vol. 35, No. 13, July 16, 2024
Quarterly payments to recovery entities shall be determined
				  by taking the initial per job calculation above and multiplying it by the
				  number of FTE being claimed by the recovery entity for a given quarterly
				  period. The per job amount may be reduced if the New Mexico finance authority
				  and the economic development department determine the actual average wages paid
				  fall below the thresholds for either or both of the $1,000 bonuses to a degree
				  that indicates a reasonable attempt was not made to pay the wages estimated by
				  the recovery entity in its grant application.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 92 - LEDA RECOVERY GRANT › Part 1 - GENERAL PROVISIONS › Section 2.92.1.11 - QUARTERLY PAYMENT LIMIT

Current through Register Vol. 35, No. 13, July 16, 2024
Quarterly payments to recovery entities are limited to the
				  lesser of twenty-five percent of the provisional grant award or the eligible
				  amount under the requirements and calculations set forth in this rule. The
				  maximum amount that may be distributed in total to a recovery entity under the
				  LEDA Recovery Grant project is $100,000.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 92 - LEDA RECOVERY GRANT › Part 1 - GENERAL PROVISIONS › Section 2.92.1.12 - DOCUMENTATION REQUIRED FOR PROOF OF QUALIFYING NET NEW FTE JOBS CREATED

Current through Register Vol. 35, No. 13, July 16, 2024
A. A recovery
				entity must provide its quarterly unemployment insurance filings with the
				department of workforce solutions (ES903A) at time of application for the
				quarter ending March 31, 2021 and, if applicable, the most recent quarterly
				ES903A filed with the department of workforces solutions available at the time
				of application.
B. A recovery
				entity provided an initial quarterly payment must provide the most recent
				quarterly filing of the ES903A prior to additional funds being released for a
				subsequent quarterly payment. The recovery entity must also provide
				documentation, in a form and manner to be prescribed by the New Mexico finance
				authority, to list the net new FTE requested to qualify for additional funds
				with the associated average hourly wage, hours worked per week and the total
				average wage for all net new FTE.
C. Upon request, the recovery entity shall
				submit to the New Mexico finance authority and the economic development
				department additional payroll documentation to validate the calculations and
				request.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 92 - LEDA RECOVERY GRANT › Part 1 - GENERAL PROVISIONS › Section 2.92.1.13 - DOCUMENTATION REQUIRED FOR PROOF OF PAYMENT OF RENT, LEASE OR MORTGAGE

Current through Register Vol. 35, No. 13, July 16, 2024
To prove payment of rent, mortgage or lease, a recovery
				  entity must complete the affirmation provided by the economic development
				  department to the New Mexico finance authority for distribution to recovery
				  entities, along with proof of payment including a bank statement, canceled
				  check, credit card receipt, ACH transaction or other forms of proof generally
				  accepted. The rent, lease or mortgage payments must be for the recovery
				  entity's place of business within New Mexico and must be payments related to
				  land or buildings. Equipment rentals or leases do not qualify under the Local
				  Economic Development Act.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 93 - OPPORTUNITY ENTERPRISE ACT ENTERPRISE ASSISTANCE › Part 1 - GENERAL PROVISIONS › Section 2.93.1.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
All persons or entities applying for enterprise assistance
				  under the opportunity enterprise revolving fund administered by the New Mexico
				  finance authority, Sections
				  6-34-8 and
				  6-34-12, NMSA
				  1978.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 93 - OPPORTUNITY ENTERPRISE ACT ENTERPRISE ASSISTANCE › Part 1 - GENERAL PROVISIONS › Section 2.93.1.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Sections
				  6-34-6 and
				  6-34-7, NMSA
				  1978.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 93 - OPPORTUNITY ENTERPRISE ACT ENTERPRISE ASSISTANCE › Part 1 - GENERAL PROVISIONS › Section 2.93.1.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
A. Section
				6-34-3, NMSA 1978, provides that
				the authority may adopt separate rules to administer the opportunity enterprise
				revolving fund to originate enterprise assistance for opportunity enterprise
				projects recommended by the board, govern the process through which applicants
				may apply for enterprise assistance from the opportunity enterprise revolving
				fund, and collect fees and costs related to providing enterprise financing to
				each opportunity enterprise financing partner.
B. Section
				6-34-5, NMSA 1978 provides that the
				authority shall provide staff support for necessary administrative services of
				the board.
C. Section
				6-34-6, NMSA 1978 provides that the
				authority shall upon the recommendation of the board, process, review and
				evaluate applications for enterprise assistance received from
				applicants.
D. Section
				6-34-7, NMSA 1978 provides that the
				opportunity enterprise review board is required to adopt rules necessary to
				carry out the provisions of the act and allowing the authority to establish
				procedures for applying and qualifying for enterprise assistance, establishing
				economic development goals for the state in consultation with the department,
				governing the application procedures and requirements for enterprise
				assistance, determining how to select and prioritize applications for
				enterprise assistance to by funded by the authority, and providing safeguards
				to protect public money and other public resources.
E. Section
				6-34-12, NMSA 1978 provides that
				the authority shall administer the opportunity enterprise revolving fund and
				recover from the opportunity enterprise revolving fund the costs of
				administering the fund and originating enterprise assistance.
F. Subsection K of Section
				6-21-5, NMSA 1978 provides that the
				authority may fix charges and collect fees and other charges in connection with
				the making of loans, leases and any other services rendered by the
				authority.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 93 - OPPORTUNITY ENTERPRISE ACT ENTERPRISE ASSISTANCE › Part 1 - GENERAL PROVISIONS › Section 2.93.1.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A.
"Act"
means the Opportunity Enterprise Act, Sections
				6-34-1 through
				6-34-15, NMSA 1978, as the same may
				be amended and supplemented.
B.
"Application"
means a written document made publicly available by
				the authority and filed with the authority for enterprise assistance for the
				purpose of evaluating, in consultation with the department, the applicant's
				qualifications and proposed enterprise development project or projects for
				types of enterprise assistance which may be provided by the authority under the
				act.
C.
"Authority"
means the New Mexico finance authority.
D.
"Board"
means the opportunity
				enterprise review board created by the Act.
E.
"Bylaws"
means the bylaws of
				the board adopted on August 24, 2022, as amended and supplemented from time to
				time.
F.
"Department"
means the economic development department.
G.
"Economic development
				opportunities"
means the advancement of an environmentally sustainable
				economic development goal of the state as determined by the authority, in
				coordination with the department, and includes the creation of jobs, the
				provision of needed services and commodities to diverse communities across the
				state and the increase of tax and other revenue collections resulting from the
				enterprise development project.
H.
"Enterprise assistance"
means opportunity enterprise financing, an
				opportunity enterprise lease or an opportunity enterprise loan.
I.
"Enterprise development
				project"
means the purchase, planning, designing, building, surveying,
				improving, operating, furnishing, equipping or maintaining of land, buildings
				or infrastructure to create or expand economic development opportunities within
				the state.
J.
"Fund"
means the opportunity enterprise revolving fund.
K.
"Opportunity enterprise
				partner"
means a domestic corporation, a general partnership, a limited
				liability company, a limited partnership, a public benefit corporation, a
				nonprofit entity or other private business entity or combination thereof that
				the authority determines is or will be engaged in an enterprise that creates or
				expands economic development opportunities within the state and is eligible for
				enterprise assistance pursuant to the act.
L.
"Project review committee"
means a standing committee, appointed by the chairman of the board from the
				members of the board pursuant to the bylaws to review proposed enterprise
				development projects to be recommended for funding from the fund.
M.
"State"
means the state of
				New Mexico.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 93 - OPPORTUNITY ENTERPRISE ACT ENTERPRISE ASSISTANCE › Part 1 - GENERAL PROVISIONS › Section 2.93.1.8 - ELIGIBILITY AND PRIORITIZATION POLICIES FOR ENTERPRISE DEVELOPMENT PROJECTS

Current through Register Vol. 35, No. 13, July 16, 2024
The board will develop and consider a variety of factors in
				  reviewing and evaluating enterprise development project proposals to determine
				  which enterprise development projects to recommend to the authority for
				  enterprise assistance from the fund. Board policies shall give priority to
				  projects that:
A. demonstrate local
				support and financial need,
B.
				create or expand economic development opportunities within the state,
C. contribute to diversification of the
				state's economy,
D. advance
				environmentally sustainable economic development goals of the state,
				and
E. other means of financing a
				proposed enterprise development project are unavailable or insufficient. The
				board shall establish policies to consider in prioritizing enterprise
				development projects.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 93 - OPPORTUNITY ENTERPRISE ACT ENTERPRISE ASSISTANCE › Part 1 - GENERAL PROVISIONS › Section 2.93.1.10 - ENTERPRISE DEVELOPMENT PROJECTS AND ELIGIBLE COSTS

Current through Register Vol. 35, No. 13, July 16, 2024
A. The board may recommend to the authority
				that enterprise assistance from the fund should be made available for
				enterprise development projects as provided by Section
				6-34-6, NMSA 1978.
B. Enterprise assistance from the fund shall
				be made only for eligible items, a determined by the authority, which includes:
(1) opportunity enterprise
				financing;
(2) opportunity
				enterprise loans;
(3) acquiring
				title or other interest in an enterprise development project;
(4) paying the reasonably necessary
				administrative costs, payments in lieu of taxes and other costs and fees
				incurred by the authority in carrying out the provisions of the act.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 93 - OPPORTUNITY ENTERPRISE ACT ENTERPRISE ASSISTANCE › Part 1 - GENERAL PROVISIONS › Section 2.93.1.11 - ENTERPRISE DEVELOPMENT PROJECT FINANCING

Current through Register Vol. 35, No. 13, July 16, 2024
The authority may recommend structured enterprise assistance
				  packages that include opportunity enterprise financing, opportunity enterprise
				  leases, opportunity enterprise loans, or other type of assistance authorized by
				  the authority and the board, if applicable. The structure, terms and conditions
				  of the financial assistance will be determined by the authority. Upon
				  completion of an enterprise development project, the authority shall allow the
				  opportunity enterprise partner responsible for the completion of that project
				  an opportunity to obtain an opportunity enterprise lease for that property,
				  provided that any breach of the terms of any enterprise assistance may preclude
				  that opportunity enterprise partner from leasing the property, and in that
				  event, the property shall be made available for lease to other opportunity
				  enterprise partners.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 93 - OPPORTUNITY ENTERPRISE ACT ENTERPRISE ASSISTANCE › Part 1 - GENERAL PROVISIONS › Section 2.93.1.12 - FINANCING APPROVAL REQUIREMENTS

Current through Register Vol. 35, No. 13, July 16, 2024
Based on the priority and evaluation factors set forth in
				  Sections 8, 9, and 10 above, as well as the requirements of the Act, the board
				  may recommend to the authority enterprise development projects for
				  consideration of enterprise assistance. Board recommendations may be considered
				  by the authority but shall not be binding on the authority. A member of the
				  board or employee of the authority with an interest, either direct or indirect,
				  in an application or contract relating to enterprise assistance, shall disclose
				  his or her interest to the authority and the board in writing and shall not
				  participate in actions by the board or the authority with respect to that
				  conflict.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 93 - OPPORTUNITY ENTERPRISE ACT ENTERPRISE ASSISTANCE › Part 1 - GENERAL PROVISIONS › Section 2.93.1.13 - RECONSIDERATION OF BOARD DECISIONS

Current through Register Vol. 35, No. 13, July 16, 2024
Any applicant affected by a decision of the board may request
				  reconsideration of the decision of the board by notifying the board in writing
				  within 15 days following the meeting at which the decision was made. Notice of
				  a decision made in an open meeting of the board is deemed to be given on the
				  date of the meeting, and the time for notification of a request for
				  reconsideration shall run from that date, regardless of whether any written
				  notice of the decision is given by the board. A request for reconsideration
				  shall state with particularity the grounds for reconsideration, including any
				  factual or legal matter on which the applicant believes that there was an error
				  by the board. Upon receiving a timely and proper request for reconsideration,
				  the chair of the board will set the matter for reconsideration at the board's
				  next regularly scheduled meeting or at a special meeting called for the
				  purpose, at the chairman's discretion. Upon reconsideration by the board, the
				  board will notify the applicant of the board's decision, in writing, within
				  five working days of the decision. The decision of the board on reconsideration
				  is final. A request for reconsideration not timely or properly made will not be
				  considered by the board.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 93 - OPPORTUNITY ENTERPRISE ACT ENTERPRISE ASSISTANCE › Part 1 - GENERAL PROVISIONS › Section 2.93.1.14 - ENTERPRISE ASSISTANCE CONTRACT

Current through Register Vol. 35, No. 13, July 16, 2024
A.
				The authority and opportunity enterprise partner awarded enterprise assistance
				will enter into a contract to establish the terms and conditions of enterprise
				assistance from the authority. The contract to provide enterprise assistance
				shall:
(1) define the roles and
				responsibilities of the authority and the opportunity enterprise
				partner;
(2) provide clawback or
				recapture provisions, if applicable, that protect the public investment in the
				event of a default on the contract;
(3) provide a finance plan detailing the
				financial contributions and obligations of the authority and opportunity
				enterprise partner;
(4) require an
				opportunity enterprise partner to provide guarantees, letters of credit or
				other acceptable forms of security, as determined by the authority;
(5) specify how rents, if applicable, will be
				collected and accounted for;
(6)
				specify how debts incurred on behalf of the opportunity enterprise partner will
				be repaid; and
(7) provide that, in
				the event of a default, the authority may (a) elect to take possession of the
				property, including the succession of all right, title and interest in the
				enterprise development project; and (b) terminate the lease or cease any
				further funding and exercise any other rights and remedies that may be
				available.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 94 - LOCAL ECONOMIC DEVELOPMENT ACT (LEDA) › Part 1 - GENERAL PROVISIONS › Section 2.94.1.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
The general management of the Local Economic Development Act
				  (LEDA) program shall be the responsibility of the economic development
				  department as prescribed by governing legislation, Section
				  5-10-1 NMSA 1978.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 94 - LOCAL ECONOMIC DEVELOPMENT ACT (LEDA) › Part 1 - GENERAL PROVISIONS › Section 2.94.1.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
June 27, 2023 unless a later date is cited at the end of the
				  section.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 94 - LOCAL ECONOMIC DEVELOPMENT ACT (LEDA) › Part 1 - GENERAL PROVISIONS › Section 2.94.1.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
Under the Local Economic Development Act, Section
				  5-10-1 NMSA 1978, the New Mexico
				  economic development department is granted authority to administer grants to
				  local governments (municipality or county) to assist expanding or relocating
				  companies that are qualified entities that will stimulate economic development
				  and produce public benefits pursuant to LEDA.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 94 - LOCAL ECONOMIC DEVELOPMENT ACT (LEDA) › Part 1 - GENERAL PROVISIONS › Section 2.94.1.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A. "
Qualifying
				entity
" is a corporation, limited liability company, partnership, joint
				venture, syndicate, or association that is an economic-base employer, also
				referred to as "company" as defined in Subsection L of Section
				5-10-3 NMSA 1978.
B. "
Economic-base employer
" is
				an employer who is a manufacturer of a product, or a non-retail service provide
				who derives over fifty percent of their revenue outside of the borders of New
				Mexico.
C. "
Fiscal
				agent
" is a local or regional government entity who serves as the agent
				for receipt of initial investment and subsequent disbursement/reimbursement of
				funds based on the approval of the economic development department.
D. "
Security
" is a tradable
				financial asset, or collateral, pledged by the qualifying entity to guarantee
				the LEDA investment, and may be, but is not limited to, in the form of letter
				of credit, surety bond, mortgage security, security agreement-escrow or lien,
				security interest-equipment or lien, or uniform commercial code
				filing.
E. "
Project
				participation agreement (PPA)
" is the agreed upon scope of work between
				the fiscal agent and the qualifying entity.
F. "
Intergovernmental agreement
				(IGA)
" is the agreed upon scope of work between the fiscal agent and the
				economic development department.
G.
				"
Economic impact analysis (EIA)
" is an analysis that addresses the
				economic impact to the local and state tax base using the project information
				provided by the qualifying entity.
H. "
Project term sheet
" is a
				document which identifies security interest that is equal to the approved
				amount of LEDA investment, performance metrics, claw back provisions, expected
				project leverage (private investment versus public funds requested), a job
				creation timeline and a project starting head count.
I. "
LEDA summary
" is a document
				outlining the overall scope and terms of the LEDA project.
J. "
Project ordinance
" is
				legislation enacted by a local or regional government authority that outlines
				the project scope and includes a PPA and IGA.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 94 - LOCAL ECONOMIC DEVELOPMENT ACT (LEDA) › Part 1 - GENERAL PROVISIONS › Section 2.94.1.8 - QUALIFICATIONS AND REQUIREMENTS

Current through Register Vol. 35, No. 13, July 16, 2024
A.
Company eligibility:
Companies that increase the economic base of
				New Mexico are eligible to be considered for LEDA funds. The company must
				manufacture a product in New Mexico or provide a non-retail service with at
				least fifty percent of total revenues generated from a client base outside of
				New Mexico. Eligible companies must also reside in New Mexico either through
				ownership or lease of a facility and be in good standing with the economic
				development department and all other state entities. The intent is to support
				companies expanding in or relocating to New Mexico.
B.
Project eligibility:
The
				project must have significant investment into permanent capital infrastructure
				(buildings, roads, utilities) and be an expansion or relocation that results in
				the creation of permanent full-time direct employment. The project must be
				sufficiently funded and ready to proceed. All projects funded are statutorily
				required to provide security equal to the LEDA public investment.
C.
Reimbursable costs:
Eligible
				costs may include, but are not limited to, the purchase, lease, grant,
				construction, reconstruction, improvement or other acquisition or conveyance of
				land, buildings or other infrastructure and public works improvements essential
				to the location or expansion of a company.
D.
LEDA investment/funding:
The
				level of public investment into any LEDA project is at the discretion of the
				executive branch and varies based on project quality and location. The main
				criterion of the evaluation includes total significant capital investment,
				total number of new job creation, and quality of new job wages. Additional
				consideration is given to projects that demonstrate location in rural and
				underserved areas of New Mexico, significant community impact and support, and
				environmentally sustainable outcomes. All funding decisions are made by the
				executive branch based upon recommendations by the secretary of the economic
				development department and are a formal offer to apply, go through due
				diligence and formal public process. All LEDA investments are funded on a
				strictly reimbursable basis after the company has incurred LEDA eligible
				expenses and met benchmarks provided in the PPA.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 94 - LOCAL ECONOMIC DEVELOPMENT ACT (LEDA) › Part 1 - GENERAL PROVISIONS › Section 2.94.1.9 - PROCEDURAL OVERVIEW

Current through Register Vol. 35, No. 13, July 16, 2024
A.
Economic development department role:
The economic development
				department determines company and project eligibility through initial project
				data intake and vetting prior to invitation to formally apply for LEDA
				investment funds. Due diligence is conducted throughout the application
				process. The economic development department works with the executive branch to
				determine an appropriate LEDA project investment based on capital expenditures,
				job creation, location of relocating or expanding company and other factors
				related to the public good.
(1) It is the
				responsibility of the economic development department to conduct due diligence,
				including a commercial credit check and fiscal analysis to determine the
				benefit of the LEDA project and potential investment of state funds to the
				local government and state.
(a) The Economic
				Development Department will collect qualifying entity and project information
				necessary to complete the Economic Impact Analysis (EIA) and an incentive
				analysis of all applicable incentives within New Mexico.
(b) The economic development department will
				confirm local government support for the project and identify any additional
				local incentives.
(c) The economic
				development department will prepare a LEDA summary which is provided to the
				executive branch for its consideration of LEDA investment funds.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 105 - LOCAL GOVERNMENT EXPENDITURES › Part 2 - LODGERS' TAX QUARTERLY REPORT › Section 2.105.2.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
Department of Finance and Administration, Local Government
				  Division, Bataan Memorial Building, Room 201, Santa Fe, NM
				  87503.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 105 - LOCAL GOVERNMENT EXPENDITURES › Part 2 - LODGERS' TAX QUARTERLY REPORT › Section 2.105.2.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
Municipalities, counties and entities created by joint powers
				  agreement which expend occupancy tax revenue. The purposes of these regulations
				  are to establish guidelines for reporting occupancy tax collections and
				  expenditures by municipalities and counties.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 105 - LOCAL GOVERNMENT EXPENDITURES › Part 2 - LODGERS' TAX QUARTERLY REPORT › Section 2.105.2.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Section
				  6-6-4.1
				  NMSA 1978 (1996 Supp.) requires the local government division to promulgate
				  rules and regulations that require the governing body of any municipality or
				  county imposing and collecting an occupancy tax pursuant to the Lodgers' Tax
				  Act to report to the local government division on a quarterly basis any
				  expenditure of occupancy tax funds pursuant to Sections
				  3-38-15
				  and
				  3-38-21
				  NMSA 1978. Section
				  3-38-17.2
				  NMSA 1978 (1996 Supp.) requires the governing body of any municipality or
				  county imposing and collecting an occupancy tax to report to the local
				  government division on a quarterly basis any expenditure of occupancy tax
				  funds.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 105 - LOCAL GOVERNMENT EXPENDITURES › Part 2 - LODGERS' TAX QUARTERLY REPORT › Section 2.105.2.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
September 30, 1996, [unless a later date is cited at the end
				  of a section.]
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 105 - LOCAL GOVERNMENT EXPENDITURES › Part 2 - LODGERS' TAX QUARTERLY REPORT › Section 2.105.2.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of Part 2 of Chapter 105 is to provide a
				  uniform format for municipalities, counties and entities created by joint
				  powers agreements to follow when reporting the expenditure of occupancy tax
				  revenues to the local government division.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 105 - LOCAL GOVERNMENT EXPENDITURES › Part 2 - LODGERS' TAX QUARTERLY REPORT › Section 2.105.2.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A. "Expenditure
				summary" means the amount of occupancy tax revenue expended by a reporting
				entity.
B. "Local government
				division" means the local government division of the department of finance and
				administration.
C. "Lodgers' tax
				quarterly report" means the form upon which reporting entities must provide
				revenue and expenditure information to the local government division.
D. "Non-promotional fund" means the fund
				containing occupancy tax proceeds which may be used for any purpose authorized
				by Section
				3-38-21
				NMSA 1978 (1996 Supp.).
E. "Percent
				imposed" means the percent of occupancy tax imposed by the reporting
				entity.
F. "Promotional fund" means
				the fund containing occupancy tax proceeds which must be used for advertising,
				publicizing and promoting tourist-related attractions, facilities and
				events.
G. "Quarterly" means
				September 30; December 31; March 31; and June 30.
H. "Reporting entity" means any municipality,
				county or entity created by joint powers agreement that receives occupancy
				revenue directly or via intergovernmental transfer.
I. "Revenue allocation" means the dedication
				of occupancy tax revenue to a particular fund or for a particular
				purpose.
J. "Revenue summary" means
				the amount of occupancy tax revenue received by a reporting entity.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 105 - LOCAL GOVERNMENT EXPENDITURES › Part 2 - LODGERS' TAX QUARTERLY REPORT › Section 2.105.2.8 - ELIGIBLE USES OF TAX PROCEEDS

Current through Register Vol. 35, No. 13, July 16, 2024
A.
				Sections
				3-38-13 to
				3-38-24 NMSA
				1978, the Lodgers' Tax Act, authorizes municipal and county governments to
				adopt ordinances imposing occupancy tax for revenues on lodging establishments
				within municipal boundaries or within that part of the county outside of
				municipal boundaries.
B. Proceeds
				may be used to defray the costs of:
(1)
				collecting and otherwise administering the tax;
(2) establishing, operating, purchasing,
				constructing, otherwise acquiring, reconstructing, extending, improving,
				equipping, furnishing or acquiring real property or any interest in real
				property for the site or grounds for tourist related facilities, attractions or
				transportation systems of the municipality, the county in which the
				municipality is located or the county;
(3) advertising, publicizing and promoting
				tourist-related attractions, facilities and events of the municipality or
				county and tourist facilities or attractions within the area;
(4) providing police and fire protection and
				sanitation service for tourist-related events, facilities and attractions
				located in the respective municipality or county;
(5) paying principal and interest on certain
				premiums due in connection with lodgers' tax revenue bonds; and
(6) performing audits pursuant to Section
				3-38-17.1 NMSA
				1978.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 105 - LOCAL GOVERNMENT EXPENDITURES › Part 2 - LODGERS' TAX QUARTERLY REPORT › Section 2.105.2.9 - LIMITATION OF PROCEEDS USE

Current through Register Vol. 35, No. 13, July 16, 2024
A. The
				occupancy tax may not exceed five percent of the gross taxable rent.
B. The following portions of occupancy tax
				proceeds must be used for advertising, publicizing and promoting
				tourist-related attractions, facilities and events.
(1) Municipalities or counties imposing a tax
				of no more than two percent must expend one-fourth of the tax proceeds for
				those purposes.
(2) Municipalities
				located outside of class A counties and counties not classified as class A
				counties imposing a tax of more than two percent must expend at least one-half
				of the proceeds from the first three percent of the tax and one-fourth of the
				proceeds in excess of three percent for those purposes.
(3) Municipalities located in class A
				counties and class A counties imposing a tax of more than two percent must
				expend at least one-half of all tax proceeds for those purposes.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 105 - LOCAL GOVERNMENT EXPENDITURES › Part 2 - LODGERS' TAX QUARTERLY REPORT › Section 2.105.2.10 - REPORTING REQUIREMENTS

Current through Register Vol. 35, No. 13, July 16, 2024
A. All
				reporting entities must submit a lodgers' tax quarterly report to the local
				government division within 30 days following the end of the quarter.
B. All reporting entities must provide copies
				of the lodgers' tax quarterly report to their advisory board when they are
				filed with the local government division.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 105 - LOCAL GOVERNMENT EXPENDITURES › Part 2 - LODGERS' TAX QUARTERLY REPORT › Section 2.105.2.11 - LODGERS' TAX QUARTERLY REPORT FORM

Current through Register Vol. 35, No. 13, July 16, 2024
The lodgers' tax quarterly report shall include:
A. the percent imposed;
B. a revenue summary detailing the amount of
				lodgers' tax proceeds, investment income, intergovernmental transfers and other
				revenue received by a reporting entity as result of the occupancy
				tax;
C. a revenue allocation
				detailing the amount of revenue dedicated to the non-promotional fund, the
				promotional fund and administrative costs; administrative costs shall not
				exceed ten percent of the total revenue prior to allocation between promotional
				and non-promotional funds;
D. a
				cash balance summary stating the amount of cash on hand in the non-promotional
				and promotional funds;
E. an
				expenditure summary identifying the amount expended from the non-promotional
				fund for contractual services, operating expenses, capital outlay, debt service
				and net transfers and the amount expended from the promotional fund for
				contractual services, tourist related events and net transfers; and for
				expenditures in the contractual services category, a description of the
				activity or event, the date of the activity or event, and name of the
				contractor must be included.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 110 - LOCAL GOVERNMENT GRANTS › Part 2 - SMALL CITIES COMMUNITY DEVELOPMENT BLOCK GRANT › Section 2.110.2.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
Department of Finance and Administration Local Government
				  Division, Suite 202 Bataan Memorial Building Santa Fe, New Mexico 87501.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 110 - LOCAL GOVERNMENT GRANTS › Part 2 - SMALL CITIES COMMUNITY DEVELOPMENT BLOCK GRANT › Section 2.110.2.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
All counties and incorporated municipalities, except the
				  cities of Albuquerque, Farmington, Las Cruces, Santa Fe and Rio Rancho.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 110 - LOCAL GOVERNMENT GRANTS › Part 2 - SMALL CITIES COMMUNITY DEVELOPMENT BLOCK GRANT › Section 2.110.2.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Title 1 of the Housing and Community Development Act of 1974,
				  as amended.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 110 - LOCAL GOVERNMENT GRANTS › Part 2 - SMALL CITIES COMMUNITY DEVELOPMENT BLOCK GRANT › Section 2.110.2.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
November 15, 2016, unless a later date is cited at the end of
				  a section.
New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 110 - LOCAL GOVERNMENT GRANTS › Part 2 - SMALL CITIES COMMUNITY DEVELOPMENT BLOCK GRANT › Section 2.110.2.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of Part 2 of Chapter 110 is to establish
				  procedures to be used by counties and incorporated municipalities when applying
				  for a small cities community development block grant.