Bill > SB393

This bill, the Vibrant Communities Act, establishes a framework for community well-being and capital development projects in New Mexico. Key provisions include: 1) Defining a "community well-being and capital development project" as assistance provided by the state, county, or municipality to qualifying non-profit organizations, cooperatives, or tribal entities that serve New Mexico's residents and promote community and economic development. 2) Limiting the total public funds expended on such projects to 5% of a county or municipality's annual general fund expenditures, with exceptions for land/building contributions. 3) Outlining the process for qualifying entities to submit project proposals, which are then reviewed by designated state agencies. 4) Requiring project participation agreements that detail each party's contributions, performance requirements, and ownership/reversion terms. 5) Allowing the state to terminate projects and transfer any remaining funds to the general fund. The bill also amends existing law to clarify that these community development projects are authorized under the Local Economic Development Act.

Budget and Finance, Health and Social Services

https://www.nmlegis.gov/lcs/legislation.aspx?chamber=S&legtype=B&legno=393&year=21