N.M. Stat. § 5-10-1 (2026)

Chapter 5, Article 10 NMSA 1978 may be cited as the "Local Economic
Development Act".

History: Laws 1993, ch. 297, § 1; 2016, ch. 14, § 1.

                                     ANNOTATIONS

Compiler's notes. — Laws 1993, ch. 297, § 16 made the Local Economic
Development Act effective upon the certification of a proposed amendment (Laws 1993,
H.J.R. No. 12) to Article 9, Section 14 of the constitution of New Mexico. The
amendment was adopted at a general election on November 8, 1994 and certified by
the secretary of state on November 29, 1994.

The 2016 amendment, effective May 18, 2016, changed "This act" to "Chapter 5,
Article 10 NMSA 1978".
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 [15-5A-1 to 15-5A-7 NMSA 1978].

History: Laws 1993, ch. 297, § 2; 2007, ch. 160, § 8.

                                      ANNOTATIONS

The 2007 amendment, effective July 1, 2007, provided that a purpose of the Local
Economic Development Act was to permit municipalities and counties to support arts
and cultural districts created pursuant to the Arts and Cultural District Act.