The New Mexico Economic Development Department (EDD) is granted authority to administer Local Economic Development Act capital outlay (LEDA CO) funds to local governments (county, municipality, or tribal entity) to help stimulate economic development efforts pursuant to the State Wide Economic Development Finance Act. Funding of grants is strictly based on the receipt of capital outlay funds appropriated by the New Mexico Legislature. LEDA funds are provided on a reimbursable basis only.
For FY16 (July 1, 2015 through June 30, 2016) EDD has received an appropriation of $50 million in LEDA CO. The department hosted Town Hall events throughout the state during the first week of June to gather public input toward development of guidelines and policies for FY16. Based on those meetings EDD adopted the following guidelines:
The local government applicant must adopt the project by ordinance, attaching the application, project participation agreement and proof of notice to the public.
Contact Juan Torres, Finance Development Team, 505.827.0238 or Juan.Torres@state.nm.us.