Signed by Governor Michelle Lujan Grisham

Vote Smart's Synopsis:

Vote to pass a bill that authorizes the Opportunity Enterprise Act and providing financing and loans.

Highlights:

• Authorizes the New Mexico Finance Authority to do the following (Page 3-5):

• Acquire and hold title to an enterprise development project;

• Provide financing to opportunity enterprise partners;

• Enter into contract with said partners and collect rent;

• Make loans to said partners and collect payments;

• Sell any property obtained during enterprise development project;

• Make, execute, and enforce all contracts;

• Take legal action to recover public money;

• Enter into join powers agreement;

• Adopt rules relating to the use of the funding; and 

• Enter into opt-in agreements with the enterprise development project.

• Authorizes the Economic Development Department to do the following (Page 5):

• Survey potential opportunity enterprise partners and projects;

• Provide outreach services;

• Evaluate potential partners and formulate recommendations; and

• Enter into opt-in agreements with localities where a project is to be developed.

• Establishes the creation of the “opportunity enterprise review board” with the following powers (Page 6-9):

• Meet quarterly, receive contracts, and recommend application forms and procedures;

• Develop standards and procedures for approval;

• Make recommendations to potential enterprise development projects; and

• Coordinate with the Economic Development Department.

• Establishes the Rule Making Board to create rules, procedures, and govern applications (Page 9-10).

• Establishes “enterprise assistance” to provide sufficient evidence for a development project, including demonstrations and being applicable with federal and state laws (Page 10-12).

• Establishes “enterprise assistance” to only be applied to those compliant with the Opportunity Enterprise Act (Page 13). 

• Establishes financing protocols to include (Page 13-14):

• Review of applications for financing;

• Ensuring zoning and permits meet regulatory requirements;

• Prohibits repayment if the terms of the contract are carried out; and

• Providing licensing upon completion of project.

• Establishes leasing terms as the following (Page 14-15):

• Property be used solely for economic development opportunities;

• Provide sufficient rent and securities;

• Property to be insured; and 

• Be bound to the terms of the lease.

• Establishes terms of repayment (Page 16-17).

• Establishes fund transfers and reports (Page 18-20).

• Establishes conflict of interest as failing to notify the board of illegal behavior (Page 20-21).

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that authorizes the Opportunity Enterprise Act and providing financing and loans.

Highlights:

• Authorizes the New Mexico Finance Authority to do the following (Page 3-5):

• Acquire and hold title to an enterprise development project;

• Provide financing to opportunity enterprise partners;

• Enter into contract with said partners and collect rent;

• Make loans to said partners and collect payments;

• Sell any property obtained during enterprise development project;

• Make, execute, and enforce all contracts;

• Take legal action to recover public money;

• Enter into join powers agreement;

• Adopt rules relating to the use of the funding; and 

• Enter into opt-in agreements with the enterprise development project.

• Authorizes the Economic Development Department to do the following (Page 5):

• Survey potential opportunity enterprise partners and projects;

• Provide outreach services;

• Evaluate potential partners and formulate recommendations; and

• Enter into opt-in agreements with localities where a project is to be developed.

• Establishes the creation of the “opportunity enterprise review board” with the following powers (Page 6-9):

• Meet quarterly, receive contracts, and recommend application forms and procedures;

• Develop standards and procedures for approval;

• Make recommendations to potential enterprise development projects; and

• Coordinate with the Economic Development Department.

• Establishes the Rule Making Board to create rules, procedures, and govern applications (Page 9-10).

• Establishes “enterprise assistance” to provide sufficient evidence for a development project, including demonstrations and being applicable with federal and state laws (Page 10-12).

• Establishes “enterprise assistance” to only be applied to those compliant with the Opportunity Enterprise Act (Page 13). 

• Establishes financing protocols to include (Page 13-14):

• Review of applications for financing;

• Ensuring zoning and permits meet regulatory requirements;

• Prohibits repayment if the terms of the contract are carried out; and

• Providing licensing upon completion of project.

• Establishes leasing terms as the following (Page 14-15):

• Property be used solely for economic development opportunities;

• Provide sufficient rent and securities;

• Property to be insured; and 

• Be bound to the terms of the lease.

• Establishes terms of repayment (Page 16-17).

• Establishes fund transfers and reports (Page 18-20).

• Establishes conflict of interest as failing to notify the board of illegal behavior (Page 20-21).

Full Bill Text