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County commissioners reviewed new economic development policies Tuesday aimed at ensuring businesses receiving public subsidies provide measurable benefits to local communities.
The Board of County Commissioners heard findings from a steering committee that conducted five community meetings and a countywide survey over the past year. Commissioner Barbara Baca, who led the initiative, introduced a resolution establishing three core policy changes.
Under the proposed framework, companies seeking tax incentives would be evaluated using a rubric measuring commitments to local hiring, small business support, workforce development and environmental sustainability. The rubric assigns points based on factors including percentage of local hires, procurement from New Mexico businesses and investments in community programs.
“We can leverage our incentives to encourage companies locating in Bernalillo County to invest in workforce development, small business support and transparency,” Baca said. “The dollar amount of incentives will be a direct result of the level of commitment by the company.”
The resolution would apply to businesses seeking Industrial Revenue Bonds, Local Economic Revenue Act funds, Tax Increment Development Districts, Metropolitan Development Agency support, Job Training Incentive Program grants and other public subsidies.
The county also plans to increase Payment in Lieu of Tax requirements to at least 5% of property, gross receipts and compensating tax revenues from Industrial Revenue Bonds. Those funds would support a new County Community Benefits Fund for apprenticeship programs and small business development.
A third provision would create a permanent Economic Development Community Advisory Board to advise commissioners and the county manager on current and future projects.
The steering committee consulted small businesses, large employers, community organizations and workforce partners while developing recommendations. The group prioritized equitable growth for underserved populations, minority-owned businesses and marginalized communities.
If approved, the changes will be codified in Bernalillo County Economic Development Policies and Procedures.
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