NEW MEXICO ECONOMIC DEVELOPMENT DEPARTMENT
Community, Business, & Rural Development (CBRD) Regional Rep contacts.
Under the Local Economic Development Act (LEDA) (5-10-1 to 5-10-13 NMSA 1978) the New Mexico Economic Development Department (NMEDD) is granted authority to administer grants to Local Governments (Municipality and/or County); to assist expanding or relocating businesses that are Qualified Entities that will stimulate economic development and produce public benefits pursuant to LEDA. All grants are funded on a strictly reimbursement basis.
EDD targets economic development projects that comply with all legal facets of LEDA. Additional consideration is given to project that demonstrate:
The Department has designed and implemented a systematic, transparent approach to prioritizing projects that meet the over-arching goals of NMEDD for financial evaluation and structuring. These goals provide guidance for funding on project impact qualifications, application review criteria, and concentration factors.
Means a corporation, Limited Liability Company, partnership, joint venture, syndicate, association or other person that is one or a combination of two or more of the following:
Access to the on-line application portal is extended to a Qualified Entity after an initial review of program eligibility and includes:
LEDA projects are effectuated by a Project Ordinance passed by the local community and may include: a signed Project Participation Agreement (PPA) outlining the agreed upon scope of work between the Fiscal Agent and the Qualifying Entity; a signed Intergovernmental Agreement (IGA) between the Fiscal Agent and the State; and a Final Security Document. All funding decisions are made by the Secretary and Governor based on staff recommendations and are final.
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Timeline is determined by the company decision process, the local government public meeting requirements and complexity of negotiations. Projects have been announced within 3 months of being placed in the Pipeline and have extended out 18-24 months.
If you have questions or need assistance with LEDA, please contact EDD’s regional rep in your area.
New Mexico EconomicDevelopment DepartmentJoseph M. Montoya Building1100 S. St. Francis DriveSanta Fe, NM 87505-4147
Mailing Address:New Mexico EconomicDevelopment DepartmentP.O. Box 20003Santa Fe, NM 87504-5003
Main number: (505) 827-0300 (se habla español)Fax: (505) 827-0328
The mission of the New Mexico Economic Development Department is to Improve the lives of New Mexico families by increasing economic opportunities and providing a place for businesses to thrive.
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