Chapter 6, Chapter 6

A. On December 1, 2024 and each succeeding December 1 thereafter, the authority shall submit a report to the governor, the legislature, the legislative finance committee, the New Mexico finance authority oversight committee, the revenue stabilization and tax policy committee and …

A. If a member of the board or an employee of the authority has an interest, either direct or indirect, in an application or contract relating to enterprise assistance or housing development assistance, that interest shall be disclosed to the authority and the board in writing. T…

As used in the Opportunity Enterprise and Housing Development Act: A. "affordable housing infrastructure project" means infrastructure projects needed to support housing for low- or moderate-income residents; B. "authority" means the New Mexico finance authority; C. "board" means…

To create or expand economic development opportunities and housing within the state, the authority may: A. acquire, whether by construction, purchase, gift or lease, and hold title to or other interest in an enterprise development project or housing development project; B. provid…

A. For the purpose of recommending enterprise development projects to the board for enterprise assistance, the department and the board shall coordinate to: (1) survey potential opportunity enterprise partners and enterprise development projects; (2) provide outreach services to …

board; created; membership. A. The "opportunity enterprise and housing development review board" is created. The authority shall provide necessary administrative services to the board. B. The board is composed of the following fourteen members: (1) the secretary of economic devel…

board; powers. A. The board shall: (1) meet quarterly and at the call of the chair; (2) receive a list of executed contracts for enterprise assistance and housing development assistance; (3) recommend to the authority application forms and procedures for the prioritization of ent…

The board shall adopt rules necessary to carry out the provisions of the Opportunity Enterprise and Housing Development Act to: A. establish procedures for applying and qualifying for enterprise assistance and housing development assistance; B. establish economic development goal…

A. An application for enterprise assistance shall: (1) describe the scope and plans of the enterprise development project or proposed use of leased property by the applicant; (2) demonstrate that the enterprise development project or lease will create or expand economic developme…

A. The authority shall receive and review applications for opportunity enterprise financing. If the authority determines that an enterprise development project is eligible for financing, the authority may enter into a contract with the opportunity enterprise partner to provide fi…

Chapter 6, Article 35 NMSA 1978 may be cited as the "State Fairgrounds District Act". History: Laws 2025, ch. 83, § 1; 2026, ch. 33, § 1.

The district shall prepare a district development plan that shall include: A. a map depicting the geographical boundaries of the area proposed for inclusion within the district development area; B. the estimated time necessary to complete the district projects; C. a description a…

The bonds authorized by the State Fairgrounds District Act and the income from the bonds or any other instrument executed as security for the bonds shall be exempt from all taxation by the state or any political subdivision of the state. History: Laws 2025, ch. 83, § 11.

By September 1 of each year, beginning in 2025, the board shall report to the state board of finance and the legislative finance committee on the implementation of the State Fairgrounds District Act and expenditures to date, bonds issued, debt service reserve funds held, progress…

As used in the State Fairgrounds District Act: A. "board" means the state fairgrounds district board; B. "community benefit" includes affordable housing, job creation, open space and health services; C. "district" means the state fairgrounds district; D. "person" means an associa…

A. The "state fairgrounds district" is created as a political subdivision of the state, separate and apart from a municipality. The district consists of land owned by the state, commonly known as the "state fairgrounds", lying within the exterior boundaries of the city of Albuque…

A. The district shall for six years be initially governed by a seven-member board composed of: (1) the governor or the governor's designee; (2) the state senator representing the senate district inclusive of the district or the senator's designee; (3) the member of the house of r…

The district may establish a property tax levy upon real property located within the boundaries of the district, with the following limitations: A. the maximum property tax levy the district may impose is five dollars ($5.00) on each one thousand dollars ($1,000) of net taxable v…

A. A property tax levy imposed by the district may be rescinded within the four-year period during which a property tax levy imposed by the district is effective if: (1) thirty-three and one-third percent of the number of persons who voted in the election for the imposition of th…

A. Subject to the provisions of Section 9 of the State Fairgrounds District Act, the district may issue revenue bonds not to exceed five hundred million dollars ($500,000,000) in net proceeds for the purposes of the State Fairgrounds District Act. The district may pledge irrevoca…

The legislature authorizes and approves the district to issue bonds, pursuant to the provisions of Paragraph (5) of Subsection C of Section 6-35-7 NMSA 1978, in an amount not to exceed ninety-two million dollars ($92,000,000) in net proceeds of the five hundred million dollars ($…

A. After issuing bonds in accordance with the State Fairgrounds District Act, the board may, subject to the provisions of Section 9 [6-35-9 NMSA 1978] of the State Fairgrounds District Act, issue refunding bonds for the purpose of refinancing, paying and discharging all or any pa…

A. Nothing in the State Fairgrounds District Act shall prohibit the legislature from modifying any tax, including increasing or decreasing a tax. The terms and conditions of any bond issued by the district pursuant to that act shall explicitly provide that the repayment of such b…