The Council finds:
(A) The city desires to benefit from the Community Development Incentive Act, Sections 3-64-1 through 3-64-5 NMSA 1978, as amended (the “Act”), enacted by the New Mexico Legislature; and
(B) The Act provides, in pertinent part, that the governing body of a municipality may by a majority vote of the members elected to the governing body adopt a resolution exempting commercial personal property of a new business facility located in the municipality from the imposition of any property tax on commercial personal property authorized to be imposed by the governing body, subject to certain limitations; and
(C) In addition to an Industrial Revenue Bond Program Reform Proposal, the Administration has recommended a Small Business Initiative Proposal (“Proposal”) to create a small business economic development toolbox. The Proposal recommends implementation of the Act; and
(D) In order to permit the city to make a reasonable judgment as to whether or not to offer certain community development incentives permitted under the Act and upon what terms, the city has established these policy guidelines and application procedures.
(Ord. 35-2004)