A. Applications for economic development projects requesting economic assistance from the village, which meet the policies and objectives of the village's economic development plan, shall receive priority. Examples include, but are not limited to:
1. Manufacturing firms (including intellectual property such as computer software);
2. Projects which enhance the exporting capacity of companies and/or provide goods and services which currently have to be imported into the village of Cloudcroft;
3. Private companies seeking to build, expand or relocate facilities;
4. Private companies which provide facilities or services which enhance the ability of the village of Cloudcroft's businesses to operate;
5. Organizations which assist business startups 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 coalition (e.g., a performing arts coalition seeking construction of 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;
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 village of Cloudcroft when this plan is adopted may propose a restructuring of their projects as an economic development project.
B. All applications for economic development projects requesting economic assistance from the village shall submit a cost-benefit analysis. Preparing a cost-benefit analysis shall be the responsibility of the applicant. The village retains the right to specify a format and methodology for the cost-benefit analysis. The CBIC shall review and approve the methodology used. The source and rationale for any multiplier effects shall be identified. The cost-benefit analysis shall show that the village will recoup the value of its donation within a period of ten (10) years. The analysis shall address the following:
1. The number and type of jobs to be created, both temporary construction jobs and permanent jobs (by New Mexico department of labor job category);
2. Pay scale 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 Cloudcroft area;
4. Total payroll expected at startup and after one year;
5. Anticipated impact on local tax base; and
6. Anticipated impact on local school systems.
C. All applicants for economic development projects requesting economic assistance from the village shall require the same review required of industrial revenue bond applications. This review shall focus on environmental and community impacts of proposed projects. 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 Cloudcroft 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 their employee.
E. All applicants for economic development projects requesting economic assistance from the village shall clearly demonstrate the benefits which will accrue to the community as a result of the donation of public resources. The village 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 regional economy, may be recognized. The benefits claimed of any proposal will receive careful scrutiny. However, it is the intent of this chapter to be flexible in the evaluation of these benefits, and to recognize the qualitative as well as quantitative impact of the proposal.
F. All applicants for economic development projects requesting assistance from the village shall clearly demonstrate how the qualifying entity is making a substantive contribution. The contribution shall be of value and may be paid in money, in-kind services, jobs, expanded tax base, property or other thing or service of value for the expansion or improvement of the economy. The village retains flexibility in defining the "substantive contributions". The benefits identified in the previous subsections may be accepted as adequate contributions on their own, or cash donations may be required. Assistance in providing affordable housing to its employees or the community at large may also qualify. Determination of what constitutes an acceptable contribution for a given project shall be at the discretion of the governing body. (Ord. 346, 8-11-2008)