A. The local or regional government shall review each application for public support submitted pursuant to Section 5-10-8 NMSA 1978, and any public support shall be approved by ordinance.B. The local or regional government's evaluation of an application shall be based on the provisions of the economic development plan, the financial and management stability of the qualifying entity, the demonstrated commitment of the qualifying entity to the community, a cost-benefit analysis of the project and any other information the local or regional government believes is necessary for a full review of the economic development project application.C. The local or regional government may negotiate with a qualifying entity on the type or amount of public support to be provided or on the scope of the economic development project. History: Laws 1993, ch. 297, § 9; 2007, ch. 160, § 13; 2021, ch. 3, § 6. ANNOTATIONSCross references. — For the definition of a 'qualifying entity', see 5-10-3 NMSA 1978. The 2021 amendment, effective July 1, 2021, added language related to public support for economic development projects; in Subsection A, after 'shall review each', deleted 'project', after NMSA 1978. The 2021 amendment, effective July 1, 2021, added language related to public support for economic development projects; in Subsection A, after 'shall review each', deleted 'project', after 'application', added 'for public support submitted pursuant to Section 5-10-8 NMSA 1978', and after 'and', deleted 'projects' and added 'any public support'; and in Subsection C, after 'type or amount of', deleted 'assistance' and added 'public support'. The 2007 amendment, effective July 1, 2007, amended Subsection C to permit a local or regional government to negotiate with a qualifying entity.
New Mexico Legal Code