TITLE 2 PUBLIC FINANCE
CHAPTER 1 PUBLIC
FINANCE GENERAL PROVISIONS
PART 3 STIMULATE
ECONOMIC DEVELOPMENT
2.1.3.1 ISSUING
AGENCY: Economic Development Department.
[2.1.3.1 NMAC - N/E,
7-14-2006]
2.1.3.2 SCOPE: This part governs
the how the EDD and the authority shall coordinate with each other to, among
other things, identify and evaluate potential projects’ suitability for
financing assistance and formulate recommendations, except to the extent that
this part may be inconsistent with specific procedures in governing law. In cases where this part is inconsistent with
any rulemaking procedures specified in governing law, the procedures in
governing law apply, rather than the procedures in this part.
[2.1.3.2 NMAC - N/E, 7-14-2006]
2.1.3.3 STATUTORY
AUTHORITY: These regulations are adopted by the economic
development department (“EDD”) pursuant to the Statewide Economic Development
Finance Act, Section 6-25-1 to 6-25-28 NMSA 1978,
(“Act”) the purpose of which are to stimulate economic development in New
Mexico and to provide a method of implementing the economic development
assistance provisions of Article IX, Section 14.D of the constitution of the
state. Section 6-25-5 NMSA 1978 provides that the department and the New Mexico
finance authority (“authority”) will coordinate to, among other things,
identify and evaluate potential projects’ suitability for financing assistance
and formulate recommendations. These regulations are adopted pursuant to
Subsection C of Section 6-25-5 NMSA 1978 and Section
1.24.10 NMAC. The purpose of these
regulations is to govern the activities of the department under the Statewide
Economic Development Finance Act.
[2.1.3.3 NMAC - N/E,
7-14-2006]
2.1.3.4 DURATION: Permanent.
[2.1.3.4 NMAC - N/E,
7-14-2006]
2.1.3.5 EFFECTIVE
DATE:
July 14, 2006, unless a later date is cited at the end of a section.
[2.1.3.5 NMAC - N/E,
7-14-2006]
2.1.3.6 OBJECTIVE: The purposes
of this part are to standardize the procedures whereby the EDD and the authority
shall coordinate with each other to, among other things, identify and evaluate
potential projects’ suitability for financing assistance and formulate
recommendations under the Statewide Economic Development Finance Act.
[2.1.3.6 NMAC - N/E,
7-14-2006]
2.1.3.7 DEFINITIONS: As used in
this part: the terms used in these
regulations shall have the same meaning as defined in the act unless other use
defined in these regulations.
[2.1.3.7 NMAC - N/E,
7-14-2006]
2.1.3.8 IDENTIFICATION
OF PROJECTS:
A. In
accordance with Section 6-25-5 NMSA 1978, for the
purpose of recommending projects to the authority for financing assistance, the
department will coordinate with the authority to:
(1) survey potential
eligible entities and projects and provide outreach services to eligible
entities and local governments for the purpose of identifying and recommending
projects to the authority;
(2) survey potential
eligible entities and projects for suitability for financing assistance;
(3) formulate
recommendations of projects that are suitable for financing assistance;
(4) obtain input and
information relevant to the establishment and implementation of criteria for
evaluating potential projects.
B. In
identifying eligible entities and recommending projects, the department will
consider and must determine that the entity is engaged in an enterprise that
serves an economic goal and is suitable for financing assistance.
C. The
department shall obtain information from the authority from time to time with
respect to the availability of various types of financing assistance and the
criteria used by the authority for evaluating potential projects.
[2.1.3.8 NMAC - N/E,
7-14-2006]
2.1.3.9 ADMINISTRATIVE
COORDINATION WITH AUTHORITY: The department will coordinate with the
authority from time to time for the authority’s provision of staffing support
and assistance in carrying out the department’s responsibilities under the act.
[2.1.3.9 NMAC - N/E,
7-14-2006]
2.1.3.10 LIBERAL
CONSTRUCTION: These guidelines shall be liberally construed
to carry out their purpose.
[2.1.3.10 NMAC - N/E,
7-14-2006]
2.1.3.11 SEVERABILITY: If any part or
application of these guidelines is held invalid, the remainder of these
guidelines, or their application to other persons or situations, shall not be
affected.
[2.1.3.11 NMAC - N/E,
7-14-2006]
HISTORY OF 2.1.3 NMAC: [RESERVED]