N.M. Admin. Code § 2.94.1.7

Current through Register Vol. 36, No. 1, January 14, 2025

Section 2.94.1.7 - DEFINITIONS

A. "Qualifying entity" is a corporation, limited liability company, partnership, joint venture, syndicate, or association that is an economic-base employer, also referred to as "company" as defined in Subsection L of Section 5-10-3 NMSA 1978.

B. "Economic-base employer" is an employer who is a manufacturer of a product, or a non-retail service provide who derives over fifty percent of their revenue outside of the borders of New Mexico.

C. "Fiscal agent" is a local or regional government entity who serves as the agent for receipt of initial investment and subsequent disbursement/reimbursement of funds based on the approval of the economic development department.

D. "Security" is a tradable financial asset, or collateral, pledged by the qualifying entity to guarantee the LEDA investment, and may be, but is not limited to, in the form of letter of credit, surety bond, mortgage security, security agreement-escrow or lien, security interest-equipment or lien, or uniform commercial code filing.

E. "Project participation agreement (PPA)" is the agreed upon scope of work between the fiscal agent and the qualifying entity.

F. "Intergovernmental agreement (IGA)" is the agreed upon scope of work between the fiscal agent and the economic development department.

G. "Economic impact analysis (EIA)" is an analysis that addresses the economic impact to the local and state tax base using the project information provided by the qualifying entity.

H. "Project term sheet" is a document which identifies security interest that is equal to the approved amount of LEDA investment, performance metrics, claw back provisions, expected project leverage (private investment versus public funds requested), a job creation timeline and a project starting head count.

I. "LEDA summary" is a document outlining the overall scope and terms of the LEDA project.

J. "Project ordinance" is legislation enacted by a local or regional government authority that outlines the project scope and includes a PPA and IGA.

N.M. Admin. Code § 2.94.1.7

Adopted by New Mexico Register, Volume XXXIV, Issue 12, June 27, 2023, eff. 6/27/2023