NEW MEXICO ECONOMIC
DEVELOPMENT DEPARTMENT

The New Mexico Economic Development Department (EDD) hereby gives notice that it will conduct a virtual public hearing on Thursday, November 4, 2021, from 10 – 11:00 am (MDT). 

The purpose of the public hearing is to receive public commentary on the proposed rulemaking to make emergency rule, 2.92.1 NMAC, Public Finance, LEDA Recovery Grant, permanent. 

Notice of Proposed Rulemaking 9.28.21—To view complete Notice of Rulemaking and information how to submit public commentary.

2.92.1 NMAC—To view the temporary rule.

Virtual Hearing Meeting Details:

Thursday, Nov 4, 2021 10 – 11 AM (MDT) Click to join by computer or dial in using your phone at (408) 650-3123; Access Code: 435-549-229.

LEDA Overview

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. 

NMEDD targets economic development projects that comply with all legal facets of LEDA. Additional consideration is given to project that demonstrate:

Implementation:

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. 

Qualifying Entity:

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:

Non-Qualifying Entities:

Program Application Requirements:

Access to the on-line application portal is extended to a Qualified Entity after an initial review of program eligibility and includes:

Department’s Role:

Community’s Role:

Program Funding Uses:

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.

LEDA Project Life Cycle

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.

Please direct all inquiries for this Program to Juan Torres, Director of Finance Development Programs, juan.torres@state.nm.us  or 505.827.0238.