New Mexico Opportunity Enterprise Review Board

Transcript:New Mexico Opportunity Enterprise Review Board:
New Mexico Opportunity Enterprise Review Board Public hearing to obtain input and public comment on Proposed Rules Friday, March 3, 2023 12/30/22 NGO Comment Letter on OEF Proposed Evaluation and Prioritization Policies “We have a significant stake in the roll-out of the Opportunity Enterprise Fund. We see it as part of the larger state development finance ecosystem that is being built with windfall oil and gas revenues to support strategic economic development and diversification. This includes the New Mexico Venture Capital Fund, the Local Economic Development Act program, the State Investment Council’s New Mexico Private Equity Program and Catalyst Fund, the State Small Business Credit Initiative, the Energy Transition Act’s energy transition funds, and new mechanisms that may be created by the New Mexico Legislature [this] year.” New Mexico Opportunity Enterprise Review Board Public hearing to obtain input and public comment on Proposed Rules Friday, March 3, 2023 The rule’s current proposed 2.93.1.8 Eligibility and Prioritization Policies for Enterprise Development Projects is that “Board policies shall give priority to projects that demonstrate: A. local support and financial need, B. create or expand economic development opportunities within the state, and C. other means of financing a proposed enterprise development project are unavailable or insufficient.” New Mexico Opportunity Enterprise Review Board Public hearing to obtain input and public comment on Proposed Rules Friday, March 3, 2023 We believe the Act provides more specific guidance that should be incorporated into the rule. Accordingly, we identify four statutory goals that should be addressed through amendments: economic diversification, environmental sustainability, community support, and community benefit. 1. Diversification 6-34-2. Definitions. D. “economic development opportunities” means the advancement of an environmentally sustainable economic development goal of the state as determined by the authority, in coordination with the department, and includes the creation of jobs, the provision of needed services and commodities to diverse communities across the state and the increase of tax and other revenue collections resulting from the enterprise development project; New Mexico Opportunity Enterprise Review Board Public hearing to obtain input and public comment on Proposed Rules Friday, March 3, 2023 To fulfill the advancement of 6-34-2.D “an economic development goal of the state as determined by the authority, in coordination with the department,” and Additionally, to fulfill 6-34-7 “Rulemaking; board. The board shall adopt rules necessary to carry out the provisions of the Opportunity Enterprise Act to: B. establish economic development goals for the