Bill > HB276

This bill establishes a new Public-Private Partnership (P3) Fund and Program in New Mexico to support broadband and transportation infrastructure projects through innovative funding and collaboration between public and private entities. The bill creates a nonreverting fund in the state treasury that can receive distributions from the public project revolving fund, appropriations, investments, gifts, and grants. The Local Government Division of the Department of Finance and Administration will administer the program, working in consultation with the New Mexico Finance Authority to evaluate and provide grants for transportation and broadband projects. When considering grant applications, the division will conduct a cost-benefit analysis, assess procurement rule impacts, review available financing, and evaluate the project's likelihood of completion. For broadband projects, additional criteria include the potential expansion of internet access and infrastructure needs, while transportation projects will be evaluated based on their necessity and current delays. The bill also exempts public-private partnership agreements from standard procurement codes and allows for up to 35% of governmental gross receipts tax proceeds to be potentially appropriated to this new fund. Importantly, the program aims to streamline infrastructure development by creating a more flexible mechanism for public and private entities to collaborate on critical infrastructure improvements.

Transportation and Infrastructure

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=276&year=25