N.M. Admin. Code § 2.94.1.8 - QUALIFICATIONS AND REQUIREMENTS
A.
Company eligibility: Companies that increase the economic base of
New Mexico are eligible to be considered for LEDA funds. The company must
manufacture a product in New Mexico or provide a non-retail service with at
least fifty percent of total revenues generated from a client base outside of
New Mexico. Eligible companies must also reside in New Mexico either through
ownership or lease of a facility and be in good standing with the economic
development department and all other state entities. The intent is to support
companies expanding in or relocating to New Mexico.
B.
Project eligibility: The
project must have significant investment into permanent capital infrastructure
(buildings, roads, utilities) and be an expansion or relocation that results in
the creation of permanent full-time direct employment. The project must be
sufficiently funded and ready to proceed. All projects funded are statutorily
required to provide security equal to the LEDA public investment.
C.
Reimbursable costs: Eligible
costs may include, but are not limited to, the purchase, lease, grant,
construction, reconstruction, improvement or other acquisition or conveyance of
land, buildings or other infrastructure and public works improvements essential
to the location or expansion of a company.
D.
LEDA investment/funding: The
level of public investment into any LEDA project is at the discretion of the
executive branch and varies based on project quality and location. The main
criterion of the evaluation includes total significant capital investment,
total number of new job creation, and quality of new job wages. Additional
consideration is given to projects that demonstrate location in rural and
underserved areas of New Mexico, significant community impact and support, and
environmentally sustainable outcomes. All funding decisions are made by the
executive branch based upon recommendations by the secretary of the economic
development department and are a formal offer to apply, go through due
diligence and formal public process. All LEDA investments are funded on a
strictly reimbursable basis after the company has incurred LEDA eligible
expenses and met benchmarks provided in the PPA.
Notes
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