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Section 5-10-9 - Project evaluation; department.

NM Stat § 5-10-9 (2019) (N/A)
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A. The local or regional government shall review each project application, and projects shall be approved by ordinance.

B. The local or regional government's evaluation of an application shall be based on the provisions of the economic development plan, the financial and management stability of the qualifying entity, the demonstrated commitment of the qualifying entity to the community, a cost-benefit analysis of the project and any other information the local or regional government believes is necessary for a full review of the economic development project application.

C. The local or regional government may negotiate with a qualifying entity on the type or amount of assistance to be provided or on the scope of the economic development project.

History: Laws 1993, ch. 297, § 9; 2007, ch. 160, § 13.

Cross references. — For the definition of a "qualifying entity", see 5-10-3 NMSA 1978.

The 2007 amendment, effective July 1, 2007, amended Subsection C to permit a local or regional government to negotiate with a qualifying entity.

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Section 5-10-8 - Economic development project applications.
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Section 5-10-10 - Project participation agreement; duties and requirements.