HB 554: ECONOMIC DEVELOPMENT DISTRICT PROJECT & BOARD

An Act Relating To Local Government; Amending Sections Of The Economic Advancement District Act To Expand The Definition Of "project"; Adding A Method Of Establishing A Board Of Trustees Of A District.

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MILD HB 554
ECONOMIC DEVELOPMENT DISTRICT PROJECT & BOARD

Legislative URL:

HB 554 on nmlegis.gov

Emergency Clause:

No

Germane:

N/A

Location:

- OTHER -

Action:

[22] HBIC/HEC-HBIC [39] DP-HEC- w/drn - ref HVEC-HVEC API.

Issue(s):

Energy

Related Legislators

Bill Sponsor:

Roberto “Bobby” Gonzales

Related Documents

Downloads:

Introduced
HBIC Committee Report
Fiscal Impact Report

Summary

This bill amends the definition of “project” in the Economic Development District Act so that electric, gas, water and other utilities are no longer excluded. Under the bill the definition of project will now include any land, building, other improvements and associated real and personal property “which shall be suitable for use by . . . any commercial enterprise involved in storing, warehousing, distributing or selling products of agriculture, mining or industry.” Under current law, Economic Development Districts are authorized to “acquire, own, lease or sell projects for the purpose of promoting industry and trade . . . for the enhancement of the economy of the area encompassed by the district and for the general economy of the state” and are able to fund such projects by issuing bonds.

The bill also creates a second method for a County Commission to use to appoint a Board of Trustees for an Economic Development District in the county.

A benefit of this bill might be that it could enhance the ability of local governments in their economic development endeavors. A concern might be that by including utilities as potential projects, districts may engage in old-fashioned polluting practices rather than more modern sustainable efforts.

Outcome: HB 554 died in the House Voters and Elections Committee.

Date of Summary:  2/16/13; Updated 5/1/13