Sections 2-14-1-1 et seq. are adopted as part of the city's economic development plan. In accordance with Sections 5-10-1 et seq. NMSA 1978 (the "Local Economic Development Act"), the purpose of the Economic Development Plan Ordinance is to allow public support of economic development projects to foster, promote and enhance local economic development efforts while continuing to protect against the unauthorized use of public money and other public resources. Further, the purpose of §§ 2-14-1-1 et seq. is to allow the city to enter into one or more joint powers agreements with other local governments to plan and support regional economic development projects, including investments in arts and cultural districts created pursuant to Sections 15-5A-1 NMSA et seq. 1978 (the "Arts and Cultural District Act"). Sections 2-14-1-1 et seq. are not intended to restrict projects or assistance otherwise allowed by law.
(Ord. 33-2004; Am. Ord. 2017-026)