City of Albuquerque
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File #: O-22-63   
Type: Ordinance Status: In Council - Reported from Committee
File created: 12/5/2022 In control: Finance & Government Operations Committee
Final action:
Enactment date: Enactment #:
Title: C/S Relating To The Local Economic Development Act Plan Of The City; Amending Sections 2-14-1-3 And 2-14-1-9of The Albuquerque Code Of Ordinances (Davis)
Sponsors: Pat Davis
Attachments: 1. O-63, 2. O-63 Approved CS FGO-Davis
CITY of ALBUQUERQUE
TWENTY FIFTH COUNCIL

COUNCIL BILL NO. C/S O-22-63 ENACTMENT NO. ________________________
SPONSORED BY: Pat Davis

ORDINANCE
title
C/S Relating To The Local Economic Development Act Plan Of The City; Amending Sections 2-14-1-3 And 2-14-1-9of The Albuquerque Code Of Ordinances (Davis)
body
WHEREAS, the Local Economic Development Act (LEDA) was developed to support local businesses; and
WHEREAS, the current requirement for a minimum of ten years to participate in project terms makes the utilization of LEDA economically unfeasible for certain companies, partially smaller companies; and
Whereas, more flexible timelines for Project participation, at the discretion of the Economic Development Department and Albuquerque Development Commission, would be beneficial to all of Albuquerque.
BE IT ORDAINED BY THE COUNCIL, THE GOVERNING BODY OF THE CITY OF ALBUQUERQUE:
SECTION 1. In Section 2-14-1-9 strike Part D. and replace it with the following:
"D. Any qualifying entity seeking assistance from public resources shall commit to operate in accordance with its project participation agreement for a period of time defined below from the date the ordinance adopting the project participation agreement is passed by the Council:
(1) If the project is solely supported by State Funds, the term shall be set by the State Economic Impact Analysis (EIA);
(2) If City funds are included in the award and the total award for the company is more than $500,000, the term shall be a minimum of ten (10) years;
(3) If City funds are included in the award, the total award for the company is no more than $500,000, and the pay-back period has been shown to be less than ten (10) years, the term shall be recommended by the Albuquerque Economic Development Department in consultation with the Economic Impact Analysis;
(4) If City funds are included in the award, the company has been determined to be an Albuquerque Legacy Company, an...

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