CITY of ALBUQUERQUE
TWENTY FOURTH COUNCIL
COUNCIL BILL NO. O-20-15 ENACTMENT NO. ________________________
SPONSORED BY: Pat Davis and Don Harris
ORDINANCE
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Relating To The Local Economic Development Act Plan Of The City Of Albuquerque; Temporarily Suspending Section 2-14-1-9(D) Of The Albuquerque Code Of Ordinances For The Limited Purpose Of Assisting The State Of New Mexico With Its COVID-19 Relief Zero Interest Loan Program (Davis, Harris)
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WHEREAS, the City of Albuquerque (the "City") provides public support of economic development projects to foster, promote and enhance local economic development efforts within the City pursuant to the Local Economic Development Act, Sections 5-10-1 through 5-10-13 NMSA 1978, as amended (the "Act"), and the City's Local Economic Development Act Plan (the "LEDA Plan"), codified in the City's Code of Ordinances at Sections 2-14-1-1 through 2-14-1-13; and
WHEREAS, the City is permitted under the Act to serve as fiscal agent for the State of New Mexico (the "State") to oversee and administer State local economic development funds committed to qualified entities located within the corporate limits of the City; and
WHEREAS, Section 2-14-1-9 provides for public safeguards related to the expenditure of public funds for eligible local economic development projects, including annual performance reviews, a form of security to protect the City's interest in the public funds provided, and a commitment from the qualifying entity to operate in accordance with a project participation agreement with the City for a minimum of ten years; and
WHEREAS, in response to the COVID-19 pandemic, the State Economic Development Department created a zero-interest loan program (the "Loan Program") for qualified entities that meet the requirements of the Act; and
WHEREAS, the State's Loan Program is intended to provide short-term financing for qualified entities with repayment of the loan d...
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