Local Economic Development Act
The purpose of the Economic Development Plan/Ordinance (detailed PDF below) 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 ordinance is to allow the town to enter into one or more joint powers agreement with other local governments to plan and support regional economic development projects.
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.
Eligible uses: Municipalities may impose municipal infrastructure gross receipts tax and dedicate the revenue for economic development projects. A total of 0.25% tax (in four increment of 0.0625%) may be imposed.
Any qualifying entity meeting the definition set forth in subsection 4.2 of the Ordinance may propose an economic development project to the town. Meeting the definition of a qualifying entity does not create any obligation on the part of the town of Carrizozo. [Carrizozo Local Economic Development Ordinance (pdf 1.4 MB)]
Applications from qualifying entities shall be submitted to the town of Carrizozo on forms provided by the town. [Sample Project Participation Agreement (pdf 131 KB)]
Application for Assistance for an Economic Development Project [Application for Assistance, PDF, 37 KB]