A. The legislature finds that:

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

(1)     it is important for government to promote, support and assist in developing a thriving economic base within the state; increase opportunities for gainful employment and improved living conditions; assist in promoting a balanced and productive economy; encourage the flow of private capital for investment in productive enterprises; and otherwise improve the prosperity, health and general welfare of the people of the state;

(2)     in order to attract and encourage established businesses to locate in New Mexico, to retain and expand existing New Mexico businesses and to provide an environment that supports new and emerging businesses within the state, New Mexico communities must be able to provide basic infrastructure and educational, cultural and recreational facilities that require substantial financial resources beyond those of many New Mexico communities;

(3)     other states have agencies dedicated to providing financing for economic development projects, which agencies work directly with the state, municipalities, counties and regional economic development agencies to provide the necessary financing related to retaining and attracting businesses and to provide financing to qualified nonprofit corporations that provide community housing, education, health care and cultural facilities;

(4)     it is necessary to provide coordinated planning and financing resources to address community and cultural infrastructure needs; and

(5)     the combined expertise and resources of the economic development department and the New Mexico finance authority should be used:

(a) for the effective promotion of economic development within the state;

(b) to increase the gainful employment of the citizens and decrease the cost of social services and unemployment compensation;

(c) to increase the tax base of the state; and

(d) to improve the prosperity, health and welfare of the people of the state. B. The purpose of the Statewide Economic Development Finance Act is to:

(1)     stimulate economic development with needed programs in the public interest that serve necessary and valid public purposes; and

(2)     provide one method of implementing the economic development assistance provisions of Subsection D of Article 9, § 14 of the constitution of New Mexico for state projects.