Current through Register Vol. 35, No. 18, September 24, 2024
In determining whether it can make the findings required for
dedication of up to seventy-five percent (75%) of the state's increment and
what percentage of the state's increment may be dedicated or for approval of
the revision of a district's base year the board will:
A. evaluate whether the project can occur in
substantially the same form if the state's increment is not obtained or, in the
case of a request for approval of a revised base year, if the base year is not
revised;
B. determine that the
following additional criteria are met:
(1) the
project is expected to have a positive net revenue impact on the state general
fund over a period of time approximately equal to the life of the bonds when
calculated as described in this rule;
(2) the project is expected to generate new
jobs and economic opportunities;
(3) the project incorporates adequate
planning and resource allocation for workforce housing and schools;
(4) the portion of the state's increment
requested is reasonable and fully justified by the analysis; and
(5) the developer has a proven record for
success with similar developments; and
C. consider these additional factors as part
of the determination whether the use of the state's increment is reasonable and
in the best interest of the state:
(1) the
type of development (e.g. greenfield, revitalization, or within a recognized
public policy priority);
(2) the
anticipated increase in general fund tax revenue and employment within the
district as a result of companies moving into the state (companies new to New
Mexico);
(3) the anticipated
increase in general fund tax revenue and employment within the district as a
result of growth of firms currently doing business in New Mexico;
(4) the attributes of employment generated
within the district, the nature of the industry, and benefits to the community
and the state;
(5) the ratio of
local government to state government contribution, expressed both in terms of
absolute dollars contributed toward infrastructure and in terms of the relative
percentage of available gross receipts and property tax revenues dedicated to
bond repayment;
(6) the impacts on
surrounding or non-participating government entities;
(7) the ratio of private to public
investment;
(8) the use of
innovative planning and development techniques;
(9) the application of environmentally
protective technologies, energy and water efficiencies and sustainable
development elements in the project, including all residential, commercial,
industrial and government structures;
(10) the maximum maturity of the bonds is
reasonable and fully justified by the analysis;
(11) the availability of water and water
rights to support the planned community;
(12) the proposed governance structure of the
district, including the composition of the board and the method of selection;
and
(13) the provision of community
facilities, such as senior centers, and non traditional housing to address
various social needs such as homelessness and domestic violence and other
community benefits.
