City of Albuquerque
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File #: O-20-34   
Type: Ordinance Status: In Council - Final Action
File created: 9/9/2020 In control: City Council
Final action:
Enactment date: Enactment #:
Title: Approving A Project Involving Bayotech Incorporated Pursuant To The Local Economic Development Act And City Ordinance F/S O-04-10, As Amended, The City's Implementing Legislation For That Act, To Support The Operations Of Bayotech Incorporated, A Business Operating In Albuquerque, New Mexico; Authorizing The Execution Of A Project Participation Agreement And Other Documents In Connection With The Project; Making Certain Determinations And Findings Relating To The Project Including The Appropriation Of Funds; Ratifying Certain Actions Taken Previously; And Repealing All Actions Inconsistent With This Ordinance (Bassan, by request)
Attachments: 1. O-34
CITY of ALBUQUERQUE
TWENTY-FOURTH COUNCIL



COUNCIL BILL NO. O-20-34____ ENACTMENT NO. ________________________

SPONSORED BY: Brook Bassan, by request


ORDINANCE
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Approving A Project Involving Bayotech Incorporated Pursuant To The Local Economic Development Act And City Ordinance F/S O-04-10, As Amended, The City's Implementing Legislation For That Act, To Support The Operations Of Bayotech Incorporated, A Business Operating In Albuquerque, New Mexico; Authorizing The Execution Of A Project Participation Agreement And Other Documents In Connection With The Project; Making Certain Determinations And Findings Relating To The Project Including The Appropriation Of Funds; Ratifying Certain Actions Taken Previously; And Repealing All Actions Inconsistent With This Ordinance (Bassan, by request)
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WHEREAS, the City of Albuquerque (the "City") is a legally and regularly created, established, organized, and existing municipal corporation of the State of New Mexico (the "State"); and
WHEREAS, 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 adopted pursuant to Ordinance No. F/S O-04-10 (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, 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 Prog...

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