A. Every local government administering an enterprise zone shall create an "enterprise zone fund" for purposes of the Enterprise Zone Act.
B. Enterprise zone fund proceeds shall be used by a local government administering an enterprise zone to acquire property within the enterprise zone, prepare property for redevelopment, provide necessary infrastructure improvements, pay all necessary related expenses to redevelop and finance enterprise zone projects and fund the administration of the enterprise zone in an amount not to exceed ten percent of the funds available annually. None of the proceeds shall be used for the construction of buildings or other improvements that are not owned by a local government participating in an enterprise zone.
History: Laws 1993, ch. 33, ยง 12.
Structure 2021 New Mexico Statutes
Chapter 5 - Municipalities and Counties
Section 5-9-4 - Designation of enterprise zones; revocation of designation.
Section 5-9-5 - Eligibility requirements.
Section 5-9-7 - Administration.
Section 5-9-8 - Evaluation and reporting requirements.
Section 5-9-9 - State agency cooperation; business incentives.
Section 5-9-10 - Tax increment method of financing.
Section 5-9-11 - Tax increment procedures.
Section 5-9-12 - Enterprise zone fund; creation; use.
Section 5-9-13 - Tax increment method approval.
Section 5-9-14 - Tax increment method; base value for distribution.