New Mexico § 5-10-2 - Findings and purpose of act

§ 5-10-2. Findings and purpose of act

A. The legislature finds that: (1) development of the New Mexico economy is vital to the well-being of the state

and its residents; (2) it is difficult for municipalities and counties in New Mexico to attract and retain

businesses capable of enhancing the local and state economy without the resources

necessary to compete with other states and locales; (3) municipalities and counties may need to be able to provide land, buildings and

infrastructure as a tool for basic business growth and the introduction of basic business

ventures into the state; (4) it is in the best interest of the state, municipalities and counties to encourage

local or regional solutions to economic development; and (5) the access to public resources needs to be carefully controlled and managed for

the continued and future benefit of New Mexico citizens. B. The purpose of the Local Economic Development Act is to implement the provisions

of the 1994 constitutional amendment to Article 9, Section 14 of the constitution of New Mexico to allow public support of economic development to foster, promote and enhance local

economic development efforts while continuing to protect against the unauthorized

use of public money and other public resources. Further, the purpose of that act is to allow municipalities and counties to enter

into joint powers agreements to plan and support regional economic development projects,

including investments in arts and cultural districts created pursuant to the Arts

and Cultural District Act.