Section 3-64-5 – Expiration of exemption; action of assessor.
An exemption granted under Section 3-64-3 NMSA 1978 shall automatically terminate on the last day of the property tax year in which it expires pursuant to the exemption resolution or on the last day of the property tax year in which a new business facility ceases commercial operations, whichever occurs first. History: Laws 1991, ch. […]
Section 3-65-1 – Short title.
Sections 1 through 11 [3-65-1 to 3-65-10 NMSA 1978] of this act may be cited as the “Minor League Baseball Stadium Funding Act”. History: Laws 2001, ch. 231, § 1. ANNOTATIONS Cross references. — For exemption to gross receipts tax, see 7-9-13.3 NMSA 1978. Emergency clause. — Laws 2001, ch. 231, § 13 contained an […]
Section 3-65-2 – Findings and purpose.
A. The legislature finds that: (1) the costs of land for and of designing, purchasing, constructing, remodeling, rehabilitating, renovating, improving, equipping, furnishing, operating and maintaining minor league baseball stadiums have increased to a level that local financial resources are inadequate to meet all of the costs; (2) functional and modern minor league baseball stadiums are […]
Section 3-65-3 – Definitions.
As used in the Minor League Baseball Stadium Funding Act: A. “authority” means the New Mexico finance authority; B. “chief executive officer” means the mayor or chief administrative officer of a municipality when designated in writing by the mayor to perform duties required by the Minor League Baseball Stadium Funding Act; C. “governing body” means […]
Section 3-65-4 – Authorization of surcharge; use of proceeds.
A. A municipality may impose a stadium surcharge by majority vote of the governing body. If a stadium surcharge has been imposed, the municipality shall include a stadium surcharge in each vendor contract, and each vendor contract shall be signed by the chief executive officer. B. Before establishing the amount of the stadium surcharge to […]
Section 3-63-10 – Notice and hearing.
A. The notice of public hearing required by the Business Improvement District Act shall contain: (1) the time and place where the planning committee will hold a hearing on the proposed district and improvements; (2) the estimated cost of improvements; (3) the boundary of the district; and (4) the recommended formula or the preliminary estimate […]
Section 3-63-11 – Management committee; creation; duties.
A. The council, upon adoption of an ordinance creating a district, shall appoint a management committee that shall be responsible for the operation of the district in one of the following manners: (1) the council shall appoint an existing downtown, community or central business district revitalization nonprofit corporation that operates within the boundaries of the […]
Section 3-63-12 – Issuance and sale of bonds.
A. An incorporated municipality shall have power to issue business improvement district revenue bonds from time to time in its discretion to finance the undertaking of any improvement within a district or the exercise of any power, authorized or delegated under the Business Improvement District Act, including but not limited to the issuance of bonds […]
Section 3-63-13 – Annual assessment; special account.
A. The council, upon recommendation of the management committee, may annually assess a business improvement benefit fee as defined by the ordinance upon all real property owners and business owners, exclusive of: (1) governmentally owned real property; (2) residential real property that is not multifamily residential rental property with at least four units or homeowners […]
Section 3-63-14 – Assessments; terms of payment; liens; foreclosure.
A. The council shall by ordinance: (1) establish the time and terms of paying the business improvement benefit fee or installments on the fee; (2) set any rate or rates of interest upon deferred payments of the fee, which shall commence from the last date of publication of the ordinance ratifying the assessment; (3) fix […]