(A) Applications for Local Economic Development Act projects requesting economic assistance from the city which meet the policies and objectives of the city's community economic development plan shall receive priority. Examples include, but are not limited to:
(1) Organizations which assist business start-ups or bring small companies together to increase their competitive abilities. This must involve a tangible project which will create jobs and promote an industry. Examples include, but are not limited to:
(a) Business incubators;
(b) Art incubators or coalitions (e.g., a performing arts coalition seeking to construct rehearsal or performance facilities);
(c) Public markets for farmers, gardeners, crafts, etc.; and
(d) Organizations which foster economic development by promoting work force development efforts such as apprenticeships or other job training programs;
(2) Private companies seeking to build, expand or relocate facilities;
(3) Private companies which provide facilities or services which enhance the ability of Albuquerque businesses to operate;
(4) Manufacturing firms (including intellectual property such as computer software);
(5) Projects which enhance the exporting capacity of companies and/or provide goods and services which currently have to be imported into Albuquerque;
(6) Projects in industry clusters listed above are particularly encouraged, but others are eligible to apply as well. The intention is to retain flexibility in the use of incentives; and
(7) Qualifying entities with existing contracts or projects with the city when this plan is adopted may propose a restructuring of their project as an economic development project.
(B) All applications for Local Economic Development Act projects requesting economic assistance from the city shall include a cost-benefit analysis. The cost of preparation of the cost- benefit analysis shall be the responsibility of the applicant. The city retains the right to specify a format and methodology for the cost-benefit analysis. City staff shall review and approve of the methodology used. The source and rationale for any multiplier effects shall be identified. The cost- benefit analysis shall show that the city will recoup the value of its donation within a period of ten years. The analysis shall address the following:
(1) The number and types of jobs to be created, both temporary construction jobs and permanent jobs (by New Mexico Department of Labor job category);
(2) Pay scales of jobs;
(3) Determination of which jobs are expected to be filled locally and which will be filled by transfers from other facilities or recruited from outside the Albuquerque area;
(4) Total payroll expected at start-up and after one year;
(5) Anticipated impact of project on local tax base; and,
(6) If practicable, anticipated impact on local school system.
(C) All applications for Local Economic Development Act projects requesting economic assistance from the city shall require the same review required of industrial revenue bond applications. This review shall focus on environmental and community impacts of the proposed project. Special attention shall be given to job training and career advancement programs and policies. Projects shall demonstrate a strong commitment to providing career opportunities for Albuquerque area residents. Cultural impacts of projects shall also be considered.
(D) Any qualifying entity seeking assistance shall prepare and make available a job training and career development plan for its employees.
(E) All applications for economic development projects requesting economic assistance from the city shall clearly demonstrate the benefits which will accrue to the community as a result of the donation of public resources. The city has considerable flexibility in determining what is considered as adequate benefits. Benefits such as providing components or production capabilities which enhance a targeted industry cluster or addressing critical deficiencies in the regional economy may be recognized. The benefits claimed of any proposal will receive careful scrutiny. However, it is the intent of this section to be flexible in the evaluation of these benefits, and to recognize the qualitative as well as quantitative impacts of a proposal. Applications for economic development projects located within a metropolitan redevelopment district may be granted additional flexibility in demonstrating the adequacy of benefits.
(F) All applications for economic development projects requesting economic assistance from the city shall clearly demonstrate how the qualifying entity is making a substantive contribution to the community. The city retains flexibility in defining the "substantive contribution to the community." Determination of what constitutes an acceptable contribution for a given project shall be at the discretion of the governing body. Applications for economic development projects located within a metropolitan redevelopment district may be granted additional flexibility in demonstrating a substantive contribution to the community.
(Ord. 33-2004; Am. Ord. 2017-026)