summary
Introduced
01/19/2021
01/19/2021
In Committee
03/12/2021
03/12/2021
Crossed Over
03/01/2021
03/01/2021
Passed
03/19/2021
03/19/2021
Dead
Signed/Enacted/Adopted
03/19/2021
03/19/2021
Introduced Session
2021 Regular Session
Bill Summary
AN ACT RELATING TO PUBLIC FINANCES; AMENDING THE LOCAL ECONOMIC DEVELOPMENT ACT; INCLUDING RETAIL BUSINESSES LOCATED IN UNINCORPORATED AREAS OF A COUNTY IN THE DEFINITION OF "RETAIL BUSINESS"; CLARIFYING THAT FUNDING MAY BE USED FOR REHABILITATION OR REMODELING AS WELL AS CONSTRUCTION OF A BUILDING FOR USE BY A QUALIFYING ENTITY.
AI Summary
This bill amends the Local Economic Development Act to include retail businesses located in unincorporated areas of a county in the definition of "retail business," which can qualify for economic development funding. The bill also clarifies that funding may be used for the rehabilitation or remodeling, as well as the construction, of a building for use by a qualifying entity. Additionally, the bill outlines the requirements for the state's participation in economic development projects, including the need for a project participation agreement between the state, local/regional government, and the qualifying entity, and provisions for recovering public support if the entity fails to meet its obligations.
Committee Categories
Budget and Finance, Business and Industry, Health and Social Services
Sponsors (4)
Last Action
Signed by Governor - Chapter 135 - Apr. 8 (on 03/19/2021)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nmlegis.gov/lcs/legislation.aspx?chamber=S&legtype=B&legno=49&year=21 |
| BillText | https://www.nmlegis.gov/Sessions/21%20Regular/final/SB0049.pdf |
| BillText | https://www.nmlegis.gov/Sessions/21%20Regular/bills/senate/SB0049.pdf |
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