Since 2002, a record 83 New Mexico communities have now passed a Local Economic Development Act (LEDA). Through passing LEDA, a community adopts an ordinance creating an economic development organization and a strategic plan.
The enactment and utilization of LEDA allows public support of economic development to foster, promote, and enhance local economic development efforts while continuing to protect against the unauthorized use of public money and other public resources. This empowers communities to embark on economic development projects tailored to their LOCAL needs. In essence, LEDA is used to enter into a “public private partnership” for an economic benefit.
Further, the purpose of the Act is to allow municipalities and counties to enter into Joint Powers Agreements to plan and support regional economic development projects. LEDA can be used to support 3 types of projects: Infrastructure/Improvement, Economic Development (Job Creator) and Retail **
** In the 2013 Regular Legislative Session, amendments to the Local Economic Development Act whereas adopted and took effect July 1, 2013. The amended section relating to “RETAIL” is Section 5-10-3 NMSA 1978 (being Laws 1993, Chapter 297, Section 3) . The amended section relating to 'Claw back Provision” as it relates to the “Project Participation Agreement – Duties and Requirements” is Section 5-10-10 NMSA 1978 (being Laws 1993, Chapter 297, Section 10)
Regional Representatives of the Economic Development Department help New Mexico cities and counties pass, utilize and structure the use of the Act for public private partnerships by:
Interested in passing LEDA in your community? Do you have a local funding source for economic development projects? Does your community have a LEDA project that is ready to move forward?
Start by finding your Regional Representative
Communities who have passed a Local Economic Development Act:
For information on the State of NM Economic Development Department’s LEDA- Capital Outlay Program, which is a separate program, please contact the Finance Development Team Leader: Juan.Torres@state.nm.us or 505.827.0238