Bill > SB251

This bill makes several changes to the Metropolitan Redevelopment Code in New Mexico: It expands the powers of local governments to undertake metropolitan redevelopment projects, including allowing them to issue bonds payable from local option and state gross receipts tax revenues instead of just property tax revenue. It also removes the requirement for a sealed bidding procedure and approval of contract awards by a local government for certain rehabilitation contracts. The bill allows local governments to delegate more power to metropolitan redevelopment agencies, including the ability to approve loans, grants, and leases. The bill establishes new procedures for determining and using property tax and gross receipts tax increments to fund metropolitan redevelopment projects. It allows local governments and the state to dedicate up to 75% of these tax increments for up to 20 years, subject to certain conditions. Before the state can dedicate a portion of the state gross receipts tax increment, the proposed bond issuance must be approved by the legislature. The bill also makes various technical changes to the law governing the issuance of tax increment bonds and other revenue bonds for metropolitan redevelopment projects.

Budget and Finance, Business and Industry

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=251&year=23