To expedite the acquisition of the project and to assure the proper and satisfactory determination of the kind and type of projects to be acquired that will be best suited to the economy of the city and that will be economically sound and feasible to properly retire the revenue bonds and interest thereon issued for and in payment for said project or projects, all in accordance with New Mexico Statutes Annotated sections 3-32-1 et seq. and as provided for in this chapter, the city shall only consider those businesses which meet the following requirements:
A. Only established businesses, or a branch operation for an established business, or a new business if it meets the other requirements of this chapter, and sufficient firm contracts for the sale of the product can be shown to ensure feasibility, shall be eligible for a new industrial project.
B. Said business or businesses have an established and satisfactory earning record or have a satisfactory earning potential.
C. The wage rates are compatible, if more than one business is acquired, organized or created; and that the bulk of employment be such that local or available labor can be trained to do the work.
D. Any business or branch operation to be secured for a project will not be adversely competitive in any manner with or adversely effect any existing project.
E. The wage rates of any business or branch operation for any new and additional project will be comparable with those of existing projects in Deming and that there will be a sufficient labor force available.
F. The local owners of all the leasing-operating companies of the existing industrial projects in Deming be given an opportunity to review any new and additional industrial project to determine if the conditions required under subsections D and E of this section are satisfactory.
G. The city council shall determine whether in their best judgment the community's public facilities, including schools, will be or can be made adequate to service the additional growth the proposed project would generate.
H. Freight is not a prohibitive cost item in either the raw material or the finished product.
I. Good management that would come with the company or be available to the company when same is relocated or organized in Deming.
J. Said projects and/or properties so acquired shall be within the terms of the definitions of "projects" and "property" as recited in New Mexico Statutes Annotated sections 3-32-1 et seq.
K. In order to create needed employment, each project shall employ a reasonable number of employees, in the Deming plant.
L. A favorable feasibility study and report of the proposed project be made by Ebasco Services, Inc. of New York City, or a comparable organization of equal national standing and submitted to the city council for study and approval. This feasibility study to also include a market survey and analysis of the products of the business for the new project. If the new project is to be for an established business, or a branch operation of an established business where the parent company or owners are going to purchase the necessary bonds to finance the project, or the branch operation project in Deming, or accept bonds in payment for all the costs to finance a project, or a branch operation project in Deming, or a combination of both, this subsection need not apply, but in such an event sufficient information and data shall be submitted to the city council that will demonstrate the feasibility of the project to the satisfaction of a majority of the city council.
M. There be a firm commitment from a recognized established financial source, for the purchase of any bonds to be issued to finance a project before the actual consummation of the project. There shall be a specific evidence furnished the city council of the bond purchaser or purchasers financial ability to carry out the bond purchase commitment, that they are persons of financial substance, and recognized in their fields of endeavor. Under any circumstances, bonds will not be issued for sale before there are firm commitments for the acquisition of the necessary business and property for the proposed project. If the city council deem it for the protection of all concerned, they may require that an investigation of the bond purchaser's financial ability and reputation shall be included as a part of the feasibility study to be made by Ebasco Service Inc., or an equivalent firm.
N. The project shall be set up and formalized by competent consultants and that the legal firm of Dawson, Nagel, Sherman and Howard of Denver, or a comparable firm of at least equal standing and recognition, shall render a validating opinion for the bonds issued to finance any new and additional project. (Ord. 310, 5-2-1960)