Bill > SB32

This bill amends the Local Economic Development Act by changing its short title to "Chapter 5, Article 10 NMSA 1978" and updating the definitions section. Key changes include expanding the definition of "qualifying entity" to explicitly include "retail business" and removing a previous restriction that limited retail businesses to municipalities with a population of ten thousand or less. Additionally, the bill clarifies that certain enterprises, like those distributing electricity, gas, water, or telephone services, are generally not considered qualifying entities unless they meet specific criteria outlined in the act. The amendments also refine the definition of "economic development project" to include technical assistance and grants for cultural facilities, and the purchase of land for publicly owned cultural facilities.