This Section 2-8 may be cited as the "Economic Development Ordinance."
The Economic Development Ordinance is enacted pursuant to the
statutory authority conferred upon municipalities to allow public
support of economic development (NMSA 1978, §§ 5-10-1
through 5-10-13). This Section 2-8 is adopted as part of the Village
of Bosque Farms' economic development plan.
As used in this Section 2-8, the following terms shall have
the meanings indicated:
ECONOMIC DEVELOPMENT PROJECT
The provision of direct or indirect land, buildings or other
infrastructure; public works improvements essential to the location
assistance of a qualifying business and including the purchase, lease,
grant, or construction, reconstruction, improvement or other acquisition
or conveyance of expansion of a qualifying business; and payments
for professional services contracts necessary for local or regional
governments to implement a plan or project.
PROJECT PARTICIPATION AGREEMENT
An agreement between a qualifying entity and the Village
of Bosque Farms whereby the Village of Bosque Farms provides assistance
to an economic development project in exchange for the benefits received
as set forth in this Section 2-8.
QUALIFYING ENTITY
An existing or proposed 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:
A.
An industry for manufacturing, processing, or assembling of
any agricultural or manufactured products;
B.
A commercial enterprise for storing, warehousing, distributing, or selling products of agriculture, mining or industry, but, other than as provided in Subsection
D or
E of this definition, not including any enterprise for the sale of goods or commodities at retail or for the distribution to the public of electricity, gas, water, or telephone or other services commonly classified as public utilities;
C.
A business in which all or part of the activities of the business involves the supplying of services to the general public or to government agencies or to a specific industry or customer, but, other than as provided in Subsection
D or
E of this definition, not including businesses primarily engaged in the sale of goods or commodities at retail;
D.
A telecommunications sales enterprise that makes the majority
of its sales to persons outside of New Mexico.
RETAIL BUSINESS
A business that is primarily engaged in the sale of goods
or commodities at retail.
All project monies shall be kept in a separate account by the
entity and the Village of Bosque Farms, with such account clearly
identified. These accounts shall be subject to an annual independent
audit paid for by the qualifying entity.
The governing body may terminate this Section 2-8 and the Village
of Bosque Farms' economic development plan and any or all project
participation agreements undertaken under its authority. Termination
shall be by ordinance at a public hearing or in accordance with the
terms of the project participation agreement. If an ordinance or a
project participation agreement is terminated, all contract provisions
of the project participation agreement regarding termination shall
be satisfied. Upon termination of the ordinance or any project participation
agreement, any Village monies remaining in the Village project accounts
shall be transferred to the Village of Bosque Farms' general fund.
The Village of Bosque Farms may engage in economic development
projects involving one or more other government entities for projects
which encompass more than one municipality or county. In such instances,
the relevant governing bodies shall adopt a joint powers agreement.
This agreement will establish the application criteria and the terms
of all project participation agreements. Criteria established under
a joint powers agreement shall be consistent with the provisions of
this Section 2-8.