Category: Local Incentives, Business Expansion
AGENCY: New Mexico incorporated municipalities and counties
DESCRIPTION: A Business Improvement District is a special taxing district implemented to generate revenue for infrastructure improvements necessary for economic development projects.
• Local governments are empowered to create a Business Improvement District. In some cases local residents must ratify the creation. Generally, bonds are issued to pay for infrastructure development and taxes are increased to pay off the bonds. Affected voters must approve the issuance of the bonds and the imposition of the tax.
• A Business Improvement District may be created pursuant to the Business Improvement District Act (3-63-1 to 3-63-16 NMSA 1978).