CITY of ALBUQUERQUE
TWENTY SIXTH COUNCIL
COUNCIL BILL NO. O-24-47 ENACTMENT NO. ________________________
SPONSORED BY: Brook Bassan, by request
ORDINANCE title
Amending Chapter 2, Article 14, Part 1 Of The "Local Economic Development Act Plan" Ordinance (Bassan, by request)
body
AMENDING CHAPTER 2, ARTICLE 14, PART 1 OF THE "LOCAL ECONOMIC DEVELOPMENT ACT PLAN" ORDINANCE.
WHEREAS, the Local Economic Development Act (LEDA) was developed to support local businesses; and
WHEREAS, current statute enables the City Council to terminate any development plans or project participation agreements; and
WHEREAS, current statute instructs that any leftover city monies associated with a project that has been terminated early shall be transferred to the City's general fund; and
WHEREAS, any leftover monies are better returned to the LEDA parent account rather than the general fund to help fund future LEDA projects.
BE IT ORDAINED BY THE COUNCIL, THE GOVERNING BODY OF THE CITY OF ALBUQUERQUE:
SECTION 1. LANGUAGE AMENDED. In Chapter 2, Article 14, Part 1, Section 12, amend the language as follows:
? 2-14-1-12 TERMINATION. The Council may repeal ?? 2-14-1-1 et seq. and terminate the City's community economic development plan and any or all project participation agreements undertaken under its authority. Termination shall be by ordinance at a public hearing or in accordance with the terms of the project participation agreement. If an ordinance or a project participation agreement is repealed or terminated, all contract provisions of the project participation agreement regarding termination shall be satisfied. Upon termination of the ordinance or any project participation agreement, any city monies remaining in city project accounts shall be transferred to the LEDA parent account.
SECTION 2. SEVERABILITY CLAUSE. If any section, paragraph, sentence, clause, word or phrase of this ordinance is for any reason held to be invalid or unenforceable by any ...
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