New Mexico Local Economic Development Act (LEDA) Capital Outlay Funds
The New Mexico Economic Development Department (EDD) is granted authority to administer Local Economic Development Act capital outlay (LEDA CO) funds to local governments (county, municipality, or tribal entity) to help stimulate economic development efforts pursuant to the State Wide Economic Development Finance Act. Funding of grants is strictly based on the receipt of capital outlay funds appropriated by the New Mexico Legislature. LEDA funds are provided on a reimbursable basis only.
NMEDD has adopted the following guidelines on LEDA:
- Due diligence process to verify minimal risk to state
- Project must be fully-funded and shovel ready
- Funding through LEDA must complete project and allow company to hire
- Must create permanent, full-time, private-sector jobs
- No government facilities or government jobs
- Economic base business
- EDD target industry clusters:
- Aerospace & defense
- Advanced manufacturing
- Back office & technical support
- Digital & emerging media
- Energy
- Food processing
- Logistics, distribution & transportation
- No retail projects with state funds.
- EDD target industry clusters:
- Goal: 10 to 1 ratio of private investment to LEDA funds
- Must be demonstrated competition for the project from out of state
- Equal consideration will be given to competing businesses
- Project’s environmental footprint will be considered
- Not for venture capital or seed funding
- Won’t replace the traditional capital outlay process
- Competitive wages that support New Mexico families
The local government applicant must adopt the project by ordinance, attaching the application, project participation agreement and proof of notice to the public.
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