Section 6-25-4 - Economic development department; additional powers.

NM Stat § 6-25-4 (2019) (N/A)

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Consistent with the provisions of the Statewide Economic Development Finance Act, the department may:

A. acquire, whether by construction, purchase, gift or lease, and hold fee simple title to or other interest in any project;

B. enter into a lease of property in connection with any project;

C. sell, lease or otherwise dispose of any project;

D. assign lease payments, rents and any other revenues derived from a project to the authority pursuant to leases, mortgages or indentures securing payment of the principal of, interest on and any other charges and expenses relating to project revenue bonds issued by the authority;

E. make state in-lieu payments to a qualifying county, a school district and, if applicable, a qualifying municipality to offset the tax impact of a project; and

F. coordinate with the authority:

(1) for the authority's provision of staffing support and assistance in carrying out the department's responsibilities under the Statewide Economic Development Finance Act; and

(2) to enter into memoranda of understanding or such other agreements as the department and authority determine to be appropriate for such purposes.

History: Laws 2003, ch. 349, § 4; 2005, ch. 103, § 4.

The 2005 amendment, effective April 4, 2005, deleted reference to "project property" in Subsections A, B and C and added the reference to project revenue bonds in Subsection D.

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Section 6-25-3 - Definitions.

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Section 6-25-5 - Additional duties of the economic development department and the New Mexico finance authority; opt-in agreements.