(A) Applications for economic development projects requesting economic assistance from the city, which meet the policies and objectives of the city's economic development plan, shall receive priority. Examples include but are not limited to:
(1) Housing developments;
(2) Assisted living facilities and /or nursing homes;
(3) Professional offices;
(4) Retail businesses;
(a) Restaurants;
(b) Cafes;
(c) Coffee shops;
(d) Laundromats;
(e) Pharmacies;
(f) Hardware stores;
(g) Grocery stores;
(5) Lake-bases businesses;
(6) Light industrial; and
(7) "Green" or sustainable industries.
(B) All applications for economic development projects requesting economic assistance from the city shall submit a cost benefit analysis. Preparing a 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. The source and rational 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 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 of the city;
(4) Total payroll expected at start-up 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 city 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 Elephant Butte 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 employees.
(E) All applicants 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 chapter to be flexible in the evaluation of these benefits and to recognize the qualitative as well as the quantitative impact of a proposal.
(F) All applicants for economic development projects requesting assistance from the city 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 things or services of value for the expansion or improvement of the economy. The city retains flexibility in defining the "substantive contributions." The benefits identified in the previous divisions 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. 166, passed 7-19-2017)