(A) The purpose of the Economic Development Plan Chapter is to allow public support of economic projects to foster, promote and enhance local economic development efforts while continuing to protect against the unauthorized use of public money and other public resources. Further, the purpose of the chapter is to allow the City of Elephant Butte to enter into one or more joint powers agreement with other local governments to plan and support regional economic development projects.
(B) (1) Local Economic Development Act. Local governments are allowed to provide direct or indirect assistance to qualifying business for furthering or implementing Economic Development Plan and projects, furthermore local and regional governments have the authority to contribute assets to development projects; however, the imposition of a tax must be approved by the voters in referendum.
(2) Eligible uses: Municipalities may impose municipal infrastructure gross receipts tax and dedicate the revenue for economic development projects. A total of .25% tax (in 4 increment of .0625%) may be imposed.
(Ord. 101, passed 3-21-2007)