City of Albuquerque - File #: O-22-63

• File #: O-22-63
• Type: Ordinance
• Status: Enacted
• File created: 12/5/2022
• In control: City Council
• Final action: 2/22/2023
• Enactment date: 3/13/2023
• Enactment #: O-2023-007
• Title: C/S Relating To The Local Economic Development Act Plan Of The City; Amending Sections 2-14-1-3 and 2-14-1-9 of The Albuquerque Code Of Ordinances (Davis)
• Sponsors: Pat Davis

Date	Action By	Action	Result
3/14/2023	City Clerk	Published
3/9/2023	Mayor	Signed by the Mayor
3/2/2023	City Council	Sent to Mayor for Signature
2/22/2023	City Council	Passed	Pass
2/6/2023	City Council	Accepted with a recommendation Do Pass, As Substituted
1/23/2023	Finance & Government Operations Committee	Sent to Council with a recommendation of Do Pass, as Substituted	Pass
1/23/2023	Finance & Government Operations Committee	Substituted	Pass
12/5/2022	City Council	Introduced and Referred
12/5/2022	President	Referred

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 2-14-1-9 of The Albuquerque Code Of Ordinances (Davis)
body
RELATING TO THE LOCAL ECONOMIC DEVELOPMENT ACT PLAN OF THE CITY; AMENDING SECTIONS 2-14-1-3 AND 2-14-1-9 OF THE ALBUQUERQUE CODE OF ORDINANCES.
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 consult...