To create or expand economic development opportunities within the state, the authority may:

Terms Used In New Mexico Statutes 6-34-3

  • Contract: A legal written agreement that becomes binding when signed.
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Oversight: Committee review of the activities of a Federal agency or program.

A. acquire, whether by construction, purchase, gift or lease, and hold title to or other interest in an enterprise development project;

B. provide opportunity enterprise financing to opportunity enterprise partners and collect costs and fees associated with that financing;

C. enter into a contract to lease property to an opportunity enterprise partner and collect rent, costs and fees associated with that lease;

D. make loans to opportunity enterprise partners and collect payments, including principal, interest costs and fees associated with that loan;

E. sell or otherwise dispose of any property obtained as a result of an enterprise development project; provided that proceeds received shall be deposited in the fund;

F. make, execute and enforce all contracts necessary to carry out the provisions of the Opportunity Enterprise Act;

G. take legal action available to the authority to recover public money or other public resources if an opportunity enterprise partner defaults on its obligations to the authority;

H. enter into joint powers agreements or other agreements with a state agency or governmental entity, as the authority determines to be appropriate for such purpose;

I. adopt rules relating to the use of the fund necessary to carry out the provisions of the Opportunity Enterprise Act subject to approval of the New Mexico finance authority oversight committee; and

J. enter into opt-in agreements where the enterprise development project is located to facilitate the development of an enterprise development project; provided that if included in the opt-in agreement, the authority shall make payments in lieu of taxes to a county, municipality or school district to offset the tax impact of an enterprise development project.

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