New Mexico offers competitive incentives and tax credits for business expansion. The MVEDA professional team will work with new and expanding industries to help determine eligibility for these incentives and tax credits. State incentives can be augmented by Local Economic Development Act incentives in a number of areas within the Borderplex.
Projects creating jobs within the City of Las Cruces in the preferred industry clusters of aerospace, manufacturing, high technology, advanced business and financial services, and value-added food processing and which create above-average wage and salary jobs may qualify for local financial support. Under LEDA, the City of Las Cruces is willing to discuss providing land in the West Mesa Industrial Park to a client in exchange for the direct employment they would bring to the region. This is the most aggressive community incentive in the state and illustrates Las Cruces’ pro-business enthusiasm.
Activities that qualify for City incentives
- Manufacturing, processing, or assembly
- Business in a Metropolitan Redevelopment Area (MRA)
- Warehousing and distribution
- Non-retail service industries
- Telecommunications (when majority of sales is outside NM)
- Direct sales by growers of agricultural products (farmers market or co-op)
Minimum Requirements for a project to qualify for City assistance
- Results in new, permanent jobs
- Minimum of 3 private investment dollars for every dollar of public investment (3:1)
- Minimum 1 new job per $10,000 to $30,000 in assistance (vary based on salary)
- Project must be completed within 2 years
Decision criteria considering whether to assist a project under the Economic Development Act
- Financial strength of the company
- Management capability
- Benefit to the City
- Company’s commitment to the City
- Feasibility of project
- Type of industry involved
- Average salary of future employees
- Employee benefit package
- Local ownership of company
- Hiring period for the project
- Percentage of local hiring
- Location of project
Terms of an Agreement
- Goals of the project
- Detailed description of contribution for company and of City
- Schedule for development
- Measurable performance objectives
- Description of action to be taken in event of unsatisfactory performance
- A security to safeguard the public investment should the project not succeed
Call us today at 800-523-6833 to find out more about adding to your bottom line by taking advantage of these and other programs available.