TITLE 2 PUBLIC
FINANCE
CHAPTER 61 STATE
INDEBTEDNESS AND SECURITIES
PART 3 DEDICATION
OF A PORTION OF THE STATE’S GROSS RECEIPTS TAX
INCREMENT
2.61.3.1 ISSUING
AGENCY: State Board of Finance, 181 Bataan Memorial
Building, Santa Fe, NM.
[2.61.3.1
NMAC - N, 10/15/2008]
2.61.3.2 SCOPE: Tax increment development districts formed
pursuant to the Tax Increment for Development Act with respect to the state’s
dedication of a portion of its gross receipts tax increment.
[2.61.3.2
NMAC - N, 10/15/2008]
2.61.3.3 STATUTORY
AUTHORITY: Section 5-15-2 (A) NMSA 1978 states that the
purpose of the Tax Increment for Development Act is to create a mechanism for
providing gross receipts tax financing and property tax financing for public
infrastructure for the purpose of supporting economic development and job
creation. Section 5-15-15 (F) NMSA 1978
provides that the state board of finance, upon review of the applicable tax
increment development plan, may find that dedication of a portion of the gross
receipts tax increment for the purpose of securing gross receipts tax increment
bonds is reasonable and in the best interest of the state and that the use of
the state gross receipts tax is likely to stimulate the creation of jobs,
economic opportunities and general revenue for the state through the addition
of new businesses to the state and the expansion of existing businesses within
the state. Section 5-15-15 (F) NMSA 1978 limits the dedication to not more than
seventy-five percent (75%) of the gross receipts tax increment attributable to
the imposition of the state gross receipts tax within the district. Section 5-15-25.2 NMSA 1978 states that the
state board of finance may approve the revision of the base year used to
determine a district’s gross receipts tax increment once during the lifetime of
the district, if the revised year is a calendar year that is completed, if no
gross receipts tax increment bonds attributable to the district have been issued,
if there is no unresolved objection to the revision by the developer or by a
local government that has dedicated a tax increment to the district, and upon a
finding that the revision is reasonable and in the best interest of the state.
[2.61.3.3
NMAC - N, 10/15/2008; A, 7/31/2014]
2.61.3.4 DURATION:
Permanent.
[2.61.3.4
NMAC - N, 10/15/2008]
2.61.3.5 EFFECTIVE
DATE: October 15, 2008, unless a later date is
cited at the end of a section.
[2.61.3.5
NMAC - N, 10/15/2008]
2.61.3.6 OBJECTIVE:
To establish rules and regulations governing the dedication of a portion
of the state’s gross receipts tax increment provided for by the Tax Increment
for Development Act (Sections 5-15-1 through 5-15-28 NMSA 1978); to provide
guidance as to board evaluation of district requests by defining terms setting
forth the bases upon which the required findings are to be made, and outlining
the methodological framework to be used; to set forth procedures for submittals
of applications for a dedication; and to establish reporting requirements.
[2.61.3.6
NMAC - N, 10/15/2008]
2.61.3.7 DEFINITIONS:
A. “Act” means the
Tax Increment for Development Act, NMSA 1978, Sections 5-15-1 through 5-15-28
(2006), as it may be amended.
B. “Application”
means the submittal by the district, or, if the district is not yet formed, the
owners of at least fifty percent (50%) of real property located within the
boundaries of the area proposed for inclusion within the district, containing
the information and materials required by this rule seeking a dedication by the
board of a portion of the state’s increment or approval of a revised base year.
C. “Base gross
receipts taxes” means:
(1) the
total amount of gross receipts taxes collected within a district, as estimated
by the governing body that adopted a resolution to form that district, in
consultation with the taxation and revenue department, in the calendar year
preceding the formation of the district or, in the case of a district with a
revised base year approved by the board, the calendar year approved by the
board, when an area is added to an existing district, the amount of gross
receipts taxes collected in the calendar year preceding the effective date of
the modification of the tax increment development plan and designated by the
governing body to be available as part of the gross receipts tax increment; and
(2) any
amount of gross receipts taxes that would have been collected in such year if
any applicable additional gross receipts taxes imposed after that year had been
imposed in that year.
D. “Board” means
the state board of finance.
E. “Bonds” means
the gross receipts tax increment bonds for which a portion of the state’s
increment is to be pledged.
F. “Developer” means the owner or developer who has entered into an agreement pursuant to subsection A of section 5-15-4 NMSA 1978 with the governing body that formed a district or the owner’s or developer’s successors or assigns.
G. “Direct job” or “direct
effect” means employment, economic output and personal income attributable to
economic activity within the boundaries of a district. A direct job may include
an economic base job, an indirect job or an induced job if these jobs or this
economic activity occurs within the boundaries of a district.
H. “District” means
a tax increment development district formed pursuant to the act for the
purposes of carrying out projects.
I. “District board” means a board formed in accordance with the provisions of the act to govern a district.
J. “Economic base
job” means employment within the district with an employer engaged primarily in
creating goods and services that are exported out of the state.
K. “Economic output”
means the contribution to gross domestic product by state as measured by the
bureau of economic analysis of the U.S. department of commerce. At a minimum,
economic output is the sum of wages and salaries paid to workers in the
district, profits of firms engaged in economic activity in the district, and
interest and dividends paid to investors on loans and investments in the
district.
L. “Governing body”
means the city council or city commission of a city, the board of trustees or
council of a town or village or the board of county commissioners of a county.
M. “Gross receipts
tax increment” means the gross receipts taxes collected within a district in
excess of the base gross receipts taxes collected for the duration of the
existence of a district and distributed to the district in the same manner as
distributions are made under the provisions of the Tax Administration Act
[7-1-1 NMSA 1978].
N. “Improvement
district” means a district composed of all or a portion of a district wherein a
property tax has been imposed pursuant to the provisions of 3-33-2E NMSA 1978.
O. “Indirect job”
or “indirect effect” means employment, economic output and personal income
attributable to economic activity of suppliers to economic base businesses
located within the district. These indirect jobs or activity may be located
within or outside the district.
P. “Induced job” or
“induced effect” means employment, economic output and personal income
attributable to household spending by employees of all companies directly or
indirectly affected by the project. These indirect jobs or effects may be
located within or outside the district.
Q. “Project” means
a tax increment development project, which means activities undertaken within a
tax increment development area to enhance the sustainability of the local,
regional or statewide economy; to support the creation of jobs, schools and
workforce housing; and to generate tax revenue for the provision of public
improvements and may include:
(1) acquisition
of land within a designated tax increment development area or a portion of that
tax increment development area;
(2) demolition
and removal of buildings and improvements and installation, construction or
reconstruction of streets, utilities, parks, playgrounds and improvements
necessary to carry out the objectives of the act;
(3) installation,
construction or reconstruction of streets, water utilities, sewer utilities,
parks, playgrounds and other public improvements necessary to carry out the
objectives of the act;
(4) disposition
of property acquired or held by a district as part of the undertaking of a
project at the fair market value of such property for uses in accordance with
the act;
(5) payments
for professional services contracts necessary to implement a tax increment
development plan or project;
(6) borrowing
to purchase land, buildings or infrastructure in an amount not to exceed the
revenue stream that may be derived from the gross receipts tax increment or the
property tax increment estimated to be received by a district; and
(7) grants
for public improvements essential to the location or expansion of a business.
R. “Public
improvements” means on-site improvements and off-site improvements that
directly or indirectly benefit a district or facilitate development within a
tax increment development area and that are dedicated to the governing body in
which the district lies. Public
improvements include:
(1) sanitary
sewage systems, including collection, transport, treatment, dispersal, effluent
use and discharge;
(2) drainage
and flood control systems, including collection, transport, storage, treatment,
dispersal, effluent use and discharge;
(3) water
systems for domestic, commercial, office, hotel or motel, industrial,
irrigation, municipal or fire protection purposes, including production,
collection, storage, treatment, transport, delivery, connection and dispersal;
(4) highways,
streets, roadways, bridges, crossing structures and parking facilities,
including all areas for vehicular use for travel, ingress, egress and parking;
(5) trails
and areas for pedestrian, equestrian, bicycle or other non-motor vehicle use
for travel, ingress, egress and parking;
(6) pedestrian
and transit facilities, parks, recreational facilities and open space areas for
the use of members of the public for entertainment, assembly and recreation;
(7) landscaping,
including earthworks, structures, plants, trees and related water delivery
systems;
(8) public
buildings, public safety facilities and fire protection and police facilities;
(9) electrical
generation, transmission and distribution facilities;
(10) natural
gas distribution facilities;
(11) lighting
systems;
(12) cable
or other telecommunications lines and related equipment;
(13) traffic
control systems and devices, including signals, controls, markings and signage;
(14) school
sites and facilities with the consent of the governing board of the public
school district for which the facility is to be acquired, constructed or
renovated;
(15) library
and other public educational or cultural facilities;
(16) equipment,
vehicles, furnishings and other personal property related to the items listed
in this subsection;
(17) inspection,
construction management, planning and program management and other professional
services costs incidental to the project;
(18) workforce
housing; and
(19) any
other improvement that the governing body determines to be for the use or
benefit of the public.
S. “State’s
increment” means the state’s portion of the gross receipts tax increment.
T. “Sustainable
development” means land and other development that achieves sustainable
economic and social goals in ways that can be supported for the long term by
conserving resources, protecting the environment and ensuring human health and
welfare using mixed-use, pedestrian-oriented, multimodal land use planning.
U. “Workforce
housing” means decent, safe and sanitary dwellings, apartments, single-family
dwellings or other living accommodations that are affordable for persons or
families earning less than eighty percent (80%) of the median income within the
county in which the project is located; provided that an owner-occupied housing
unit is affordable to a household if the expected sales price is reasonably
anticipated to result in monthly housing costs that do not exceed thirty-three
percent (33%) of the household's gross monthly income; provided that:
(1) determination
of mortgage amounts and payments are to be based on down payment rates and
interest rates generally available to lower- and moderate-income households;
and
(2) a
renter-occupied housing unit is affordable to a household if the unit's monthly
housing costs, including rent and basic utility and energy costs, do not exceed
thirty-three percent (33%) of the household's gross monthly income.
[2.61.3.7
NMAC - N, 10/15/2008; A, 7/31/2014]
2.61.3.8 BASES
FOR DEDICATION OF A PORTION OF THE STATE’S INCREMENT AND REVISION OF BASE YEAR:
In determining whether it can make the findings required for dedication
of up to seventy-five percent (75%) of the state’s increment and what
percentage of the state’s increment may be dedicated or for approval of the
revision of a district’s base year the board will:
A. evaluate whether
the project can occur in substantially the same form if the state’s increment
is not obtained or, in the case of a request for approval of a revised base
year, if the base year is not revised;
B. determine that
the following additional criteria are met:
(1) the
project is expected to have a positive net revenue impact on the state general
fund over a period of time approximately equal to the life of the bonds when
calculated as described in this rule;
(2) the
project is expected to generate new jobs and economic opportunities;
(3) the
project incorporates adequate planning and resource allocation for workforce
housing and schools;
(4) the
portion of the state’s increment requested is reasonable and fully justified by
the analysis; and
(5) the
developer has a proven record for success with similar developments; and
C. consider these
additional factors as part of the determination whether the use of the state’s
increment is reasonable and in the best interest of the state:
(1) the
type of development (e.g. greenfield, revitalization, or within a recognized
public policy priority);
(2) the
anticipated increase in general fund tax revenue and employment within the
district as a result of companies moving into the state (companies new to New
Mexico);
(3) the
anticipated increase in general fund tax revenue and employment within the
district as a result of growth of firms currently doing business in New Mexico;
(4) the
attributes of employment generated within the district, the nature of the
industry, and benefits to the community and the state;
(5) the
ratio of local government to state government contribution, expressed both in
terms of absolute dollars contributed toward infrastructure and in terms of the
relative percentage of available gross receipts and property tax revenues
dedicated to bond repayment;
(6) the
impacts on surrounding or non-participating government entities;
(7) the
ratio of private to public investment;
(8) the
use of innovative planning and development techniques;
(9) the
application of environmentally protective technologies, energy and water
efficiencies and sustainable development elements in the project, including all
residential, commercial, industrial and government structures;
(10) the
maximum maturity of the bonds is reasonable and fully justified by the
analysis;
(11) the
availability of water and water rights to support the planned community;
(12) the
proposed governance structure of the district, including the composition of the
board and the method of selection; and
(13) the
provision of community facilities, such as senior centers, and non traditional
housing to address various social needs such as homelessness and domestic
violence and other community benefits.
[2.61.3.8
NMAC - N, 10/15/2008; A, 7/31/2014]
2.61.3.9 APPLICATION
SUBMITTAL, PROCESSING, EVALUATION METHODOLOGY, AND EFFECTIVE DATE AND DURATION
OF DEDICATION:
A. Contents of
application. A district requesting a dedication of a portion of the state’s
increment or the revision of its base year shall submit an application that
includes:
(1) a
conceptual site plan for the project;
(2) the
tax increment development plan approved by the governing body that includes:
(a) a
map depicting the geographical boundaries of the area proposed for inclusion
within the district; this map should indicate any existing infrastructure and
residential, commercial and industrial structures and development;
(b) the
estimated time necessary to complete the project;
(c) a
description and the estimated cost of all public improvements proposed for the
project;
(d) whether
it is proposed to use gross receipts increment bonds or property tax increment bonds
or both to finance all or part of the public improvements;
(e) the
estimated annual gross receipts tax increment to be generated by the project
and the portion of that gross receipts tax increment to be allocated during the
time necessary to complete the payment of the project;
(f) the
estimated annual property tax increment to be generated by the project and the
portion of that property tax increment to be allocated during the time
necessary to complete the payment of the project;
(g) the
general proposed land uses for the project;
(h) the
number of jobs expected to be created by the project classified at the three
digit level of the most recent North American industry classification system
(NAICS), and separated into full-time and part time jobs;
(i) the
amount and characteristics of workforce housing expected to be created by the
project;
(j) the
location and characteristics of public school facilities expected to be
created, improved, rehabilitated or constructed by the project;
(k) a description of
innovative planning techniques, including mixed-use transit-oriented
development, traditional neighborhood design or sustainable development
techniques, that are deemed by the governing body to be beneficial and that
will be incorporated into the project; and
(l) the
amount and type of private investment in each project;
(3) information
on the availability of other public and private funds for the project,
including:
(a) whether
it is proposed to finance any portion of the infrastructure using the
provisions of Section 5-15-13 NMSA 1978,
which permits the property owners within a district to impose a property tax
rate of up to five dollars ($5.00) per one thousand dollars ($1,000) of net
taxable value for a period of up to four years; and
(b) whether
it is proposed to establish an improvement district and finance any portion of
the infrastructure using the provisions of Sections 3-33-1 through - 43 NMSA
1978, as they may be amended, and whether the bonds sold through this mechanism
conform to the limit of twenty-five percent of total property value established
in Section 3-33-14 NMSA 1978;
(4) an
economic development plan, including an industrial cluster analysis if
appropriate, for attracting businesses to the district;
(5) market
feasibility study that includes:
(a) the
number of residential (single family and multi-family) units and the square
footage of commercial, retail and industrial space to be built by calendar
year;
(b) the
average price per square foot or by unit by type;
(c) the
market supply (or availability) and the value of each property type in the area
and surrounding areas with reference to any other planned development in the
surrounding areas; and
(d) market
demand (or absorption rates) for each property type in the area and surrounding
areas with reference to any other planned development in the surrounding areas;
(6) economic
analysis to include:
(a) employment
and salary projections by industry as classified at the three digit level of
the most recent North American industry classification system (NAICS) in the
district by calendar year, whether the jobs are temporary (i.e., construction)
or permanent employment, and whether the jobs are full-time or part-time;
(b) population
projections by calendar year;
(c) housing
unit projections and type by calendar year;
(d) economic
output from direct and indirect impacts within the district with temporary
construction activity listed separately; separate listing of economic base employment
within the district, indirect and induced employment within the district and in
surrounding areas is optional, but encouraged;
(e) the
anticipated net revenue impact on the state general fund shall be calculated as
follows:
(i) the
sum of all general fund revenues generated by economic activity within the
district by type of revenue (e.g. gross receipts tax from retail sales, gross
receipts tax from services provided to New Mexico businesses, personal income
tax, etc.) less: 1) the sum of all general fund costs to the state associated
with the provision of services to individuals and businesses (e.g. public
schools); 2) the estimated amount of tax incentives provided to promote
economic development within the district under current law; 3) the amount of
the state’s increment requested by the district; and 4) the total amount of
capital outlay appropriated for use in the district under current law;
(ii) the
net revenue impact on the state general fund must be expressed in constant
dollar terms; and
(iii) the
net present value of general fund revenues less general fund costs over the
life of the bonds shall be submitted; a discount rate equal to five percent
shall be used in this calculation;
(7) letter
from governing body verifying its ability to pay for operations and maintenance
of public infrastructure created by the district and provide basic services
such as law enforcement and public health and safety within the district;
(8) a
detailed timeline of project completion, including public infrastructure
expenditures;
(9) a
financing plan to include:
(a) information
supporting why tax increment financing is needed;
(b) debt
structure and terms, including maturity and estimated interest rates;
(c) pro-forma
for all bonds to be issued for the project (including property tax increment
bonds, if proposed); and
(d) projected
coverage ratios for all bonds;
(10) developer
information to include:
(a) organizational
chart;
(b) experience
in developing similar projects and utilizing tax increment financing;
(c) audited
financial statements for the past three years; and
(d) identify
past and pending administrative actions and litigation in which the developer
is involved that could impact the current financial viability of the developer;
briefly describe the nature of the proceedings and current status or final
result;
(11) any
other information regarding the economic benefits to the project's community
and to the state or which the district believes will aid the board in
considering the request for the dedication;
(12) enacted
resolution of governing body approving the plan;
(13) enacted
resolution of governing body forming the district;
(14) enacted
resolution of each governing body dedicating a portion of its share of the
applicable tax increments;
(15) approved
master development agreement with governing body;
(16) form
of board resolution approving the dedication of a portion of the state’s
increment; and
(17) in
addition to the submission requirements above, for requests for the approval of
a revised base year:
(a) a
detailed project history including a summary of past appearances before the
board, legislative efforts related to the project, and activity to date in the
district;
(b) a
written summary of the reasons why rebasing is requested and stating the
revised base year requested; and
(c) a
certification of the district that the district’s base year has never been
revised and that no gross receipts tax increment bonds attributable to the district
have been issued;
(d) tabular
or verbal comparison of the information provided pursuant to Paragraphs (2)
through (6), (8) and (9) of this Subsection at the time a revised base year is
requested versus at the time the dedication of a portion of the state’s
increment was initially approved, with explanations of any substantive changes;
(e) a
copy of the resolution adopted by the district declaring the district’s intent
to revise its base year;
(f) a
copy of all comments on the intent to revise the base year received from the
taxation and revenue department, the developer and the local governments that
have dedicated a tax increment to the district; and
(g) any
other related documentation.
B. Timeline and
submittal requirements. Any application
for dedication of a portion of the state’s increment or approval of a revised
base year shall be considered by the board at its regular meeting in December
or July of each year. Except as provided in this paragraph for applications for
the approval of a revised base year, complete applications must be submitted no
later than the preceding January 1 for consideration at the board’s July
meeting, or by July 1 for consideration at the board’s December meeting. For
applications for a revised base year, the submission requirements of
Subparagraphs (e), (f) and (g) of Paragraph (17) of Subsection A of 2.61.3.9
NMAC must be received no more than 45 days after a district’s adoption of a
resolution declaring the intent to revise its base year. All required materials must be submitted
electronically and tables must be submitted as Microsoft Excel files with
access to all data, including assumptions and formulae. If a district has not been formed by the
submittal deadline, please submit all of the documents listed in Paragraphs (1)
through (12) and (16) of Subsection A of 2.61.3.9 NMAC in the initial
application, and provide Paragraphs (13), (14) and (15) of Subsection A within
five calendar days of adoption or 21 calendar days prior to the meeting at which
the board is to consider the application, whichever occurs first. If a governing body has not adopted a
resolution pledging a portion of its gross receipts tax increment or its
property tax increment or both by this deadline, that resolution shall be provided
immediately upon its adoption and, if the adoption does not occur prior to the
meeting at which the board is to consider the application, the board may take
any action it deems appropriate, such as imposing a condition requiring such
dedication or deferring action until a dedication is made. In addition, the board may require
informational presentations at a meeting prior to the meeting at which the
application is to be considered. Upon
request, the board, in its discretion, may waive provision of any information
otherwise required by this rule provided that the requesting party can
demonstrate that other documents that are provided are equivalent to or satisfy
the rationale for submitting the information and that the state’s interest will
continue to be sufficiently protected.
(1) In
addition to submitting an application to the board, additional copies of an
application must be submitted to the department of finance and administration
economic analysis unit, the New Mexico finance authority, the taxation and
revenue department office of the secretary, and legislative finance committee
staff at their respective offices. The board may require the submission of
supplemental information during its review process. All information submitted
pursuant to this rule will be publicly available.
(2) Prior
to initiating the preparation of an application, a developer is encouraged to
schedule a “pre-application” conference to discuss the project and proposed
methodology with board staff and the economic analysis unit of the department
of finance and administration.
(3) The
board, in its discretion, may waive certain requirements included in the rule
when the application demonstrates why it is in the best interest of the state
to do so.
C. Staff
methodology. The board will evaluate the
project as a whole and evaluate each district on a stand alone basis. The board
will utilize the services of the department of finance and administration
economic analysis unit and may seek the assistance of an independent economic
consultant to evaluate each request. The district is encouraged to submit any
additional data that may be helpful for use in this review. The department of
finance and administration economic analysis unit or any independent economic
consultant will use the following methodology in evaluating each request:
(1) validation
of any economic impact models using standard economic impact tools;
(2) determination
of the viability of the project under the following scenarios:
(a) requested
tax increment is approved;
(b) requested
tax increment is not approved;
(c) some
portion of the requested tax increment is approved or increment for less than
all districts if multi-district project;
(d) under
different assumptions about the relocation of existing businesses within New
Mexico, and economic factors such as inflation and economic growth.
(3) evaluation
of the project recognizing other economic development efforts by other economic
development entities including other districts;
(4) assessment
of impact on surrounding communities and non-participating governments;
(5) determination
of the ratio of public to private capital contributions and the ratio of state
contributions compared to local contributions;
(6) validation
of the finance plan; the board will seek
input from New Mexico finance authority staff regarding interest rates,
coverage ratios and other bond financing features to ensure that they are
reasonable and appropriate; and
(7) in
the case of applications for approval of a revised base year, review of public
comments received from the taxation and revenue department, the department of
finance and administration, the developer and the local governments that have
dedicated a tax increment to the district following the district’s adoption of
a resolution indicating the district’s intent to revise its base year.
D. Board approval,
effective date and duration.
(1) The
board’s approval of the dedication of a portion of the state’s increment or of
a revised base year shall be effective January 1 or July 1 following board
action. The board may condition its
dedication on the approval by the legislature of the issuance of bonds. In that case, the dedication shall be
effective on the January 1 or July 1 following legislative and, if required,
department of finance and administration approval of the bonds, whichever date
next succeeds the last approval to be obtained.
(2) Dedications
which require legislative approval of bonds and bonds requiring department of
finance and administration approval must be approved within four years of the
board’s approval of the dedication unless the district requests and receives
approval of an extension of time from the board prior to the expiration of the
four year period. For dedications
approved by the board prior to July 15, 2010, an extension may be requested
from the board on or before its December 2014 meeting. Any request for extension of dedication shall
specify the requested extension period, include a description of efforts to
receive legislative, and, if required, department of finance and administration
approval of the bonds, and provide updated economic and financial information
about the district and the project that is sufficient to allow the board to
make a finding that approval of the extension of dedication is in the best
interest of the state.
(3) Any
substantive change to the tax increment development plan after a dedication has
been made must be reported to the board pursuant to Subsection E of 2.61.3.10
NMAC and will require board approval, without which the board’s approval of the
dedication shall expire.
(4) A
dedication shall expire upon full payment or early defeasance of the bonds in
full.
[2.61.3.9
NMAC - N, 10/15/2008; A, 7/31/2014; A, 6/27/2017]
2.61.3.10 REPORTING
REQUIREMENTS:
A. Within fourteen (14)
business days after a district issues any bonds, the district shall advise the
board by letter of the date of issuance, the interest rate, and the total
aggregate amount of each issue.
B. On or before
June 1 of each year following the issuance of the bonds until bonds are fully
defeased, a district that has received a dedication of a portion of the state’s
increment shall provide to the board employment reports, as available, setting
forth in reasonable detail the numbers and types of jobs created within the
district on a full-time equivalent basis during the preceding twelve (12) month
period and the availability of workforce housing.
C. Within thirty
(30) days of submitting any report or data required by the governing body, the
New Mexico finance authority, the legislature, or any legislative committee, the
district shall transmit copies of these reports or data to the board and the
economic analysis unit of the department of finance and administration.
D. By November 1 of each year, a district that has an unexpired dedication of a portion of the state’s gross receipts tax increment will submit a written report describing updates on the district, including but not limited to any changes to the plan that have occurred since board approval of the dedication of a portion of the state’s increment, information on the infrastructure build-out, jobs created, employers, revenues and expenses, total debt outstanding, a status report of the district’s achievements with respect to public facilities and community benefits, such as the provision of schools and workforce housing in the district, and any other information the applicant believes may be useful for the board.
E. A district must
report any substantive changes to the plan to the board that occur after the
dedication of a portion of the state’s increment.
F. Subsections A
through E of 2.61.3.10 NMAC apply to all districts that have received the
state’s gross receipts tax increment since the adoption of the Tax Increment
for Finance Act in 2006 until the district is dissolved or the board’s approval
of the increment has expired.
[2.61.3.10
NMAC - N, 10/15/2008; A, 7/31/2014]
HISTORY OF 2.61.3 NMAC: [RESERVED]