Title: Authorizes the Opportunity Enterprise Act and Providing Financing And Loans
Signed by Governor Michelle Lujan Grisham
Title: Authorizes the Opportunity Enterprise Act and Providing Financing And Loans
Vote to pass a bill that authorizes the Opportunity Enterprise Act and providing financing and loans.
Authorizes the New Mexico Finance Authority to do the following (Page 3-5):
Acquire and hold title to an enterprise development project;
Provide financing to opportunity enterprise partners;
Enter into contract with said partners and collect rent;
Make loans to said partners and collect payments;
Sell any property obtained during enterprise development project;
Make, execute, and enforce all contracts;
Take legal action to recover public money;
Enter into join powers agreement;
Adopt rules relating to the use of the funding; and
Enter into opt-in agreements with the enterprise development project.
Authorizes the Economic Development Department to do the following (Page 5):
Survey potential opportunity enterprise partners and projects;
Provide outreach services;
Evaluate potential partners and formulate recommendations; and
Enter into opt-in agreements with localities where a project is to be developed.
Establishes the creation of the “opportunity enterprise review board” with the following powers (Page 6-9):
Meet quarterly, receive contracts, and recommend application forms and procedures;
Develop standards and procedures for approval;
Make recommendations to potential enterprise development projects; and
Coordinate with the Economic Development Department.
Establishes the Rule Making Board to create rules, procedures, and govern applications (Page 9-10).
Establishes “enterprise assistance” to provide sufficient evidence for a development project, including demonstrations and being applicable with federal and state laws (Page 10-12).
Establishes “enterprise assistance” to only be applied to those compliant with the Opportunity Enterprise Act (Page 13).
Establishes financing protocols to include (Page 13-14):
Review of applications for financing;
Ensuring zoning and permits meet regulatory requirements;
Prohibits repayment if the terms of the contract are carried out; and
Providing licensing upon completion of project.
Establishes leasing terms as the following (Page 14-15):
Property be used solely for economic development opportunities;
Provide sufficient rent and securities;
Property to be insured; and
Be bound to the terms of the lease.
Establishes terms of repayment (Page 16-17).
Establishes fund transfers and reports (Page 18-20).
Establishes conflict of interest as failing to notify the board of illegal behavior (Page 20-21).
Title: Authorizes the Opportunity Enterprise Act and Providing Financing And Loans
Vote to pass a bill that authorizes the Opportunity Enterprise Act and providing financing and loans.
Authorizes the New Mexico Finance Authority to do the following (Page 3-5):
Acquire and hold title to an enterprise development project;
Provide financing to opportunity enterprise partners;
Enter into contract with said partners and collect rent;
Make loans to said partners and collect payments;
Sell any property obtained during enterprise development project;
Make, execute, and enforce all contracts;
Take legal action to recover public money;
Enter into join powers agreement;
Adopt rules relating to the use of the funding; and
Enter into opt-in agreements with the enterprise development project.
Authorizes the Economic Development Department to do the following (Page 5):
Survey potential opportunity enterprise partners and projects;
Provide outreach services;
Evaluate potential partners and formulate recommendations; and
Enter into opt-in agreements with localities where a project is to be developed.
Establishes the creation of the “opportunity enterprise review board” with the following powers (Page 6-9):
Meet quarterly, receive contracts, and recommend application forms and procedures;
Develop standards and procedures for approval;
Make recommendations to potential enterprise development projects; and
Coordinate with the Economic Development Department.
Establishes the Rule Making Board to create rules, procedures, and govern applications (Page 9-10).
Establishes “enterprise assistance” to provide sufficient evidence for a development project, including demonstrations and being applicable with federal and state laws (Page 10-12).
Establishes “enterprise assistance” to only be applied to those compliant with the Opportunity Enterprise Act (Page 13).
Establishes financing protocols to include (Page 13-14):
Review of applications for financing;
Ensuring zoning and permits meet regulatory requirements;
Prohibits repayment if the terms of the contract are carried out; and
Providing licensing upon completion of project.
Establishes leasing terms as the following (Page 14-15):
Property be used solely for economic development opportunities;
Provide sufficient rent and securities;
Property to be insured; and
Be bound to the terms of the lease.
Establishes terms of repayment (Page 16-17).
Establishes fund transfers and reports (Page 18-20).
Establishes conflict of interest as failing to notify the board of illegal behavior (Page 20-21).
Title: Authorizes the Opportunity Enterprise Act and Providing Financing And Loans