§ 6-34-2. Definitions

As used in the Opportunity Enterprise Act: A. “ authority ” means the New Mexico finance authority; B. “ board ” means the opportunity enterprise review board; C. “ department ” means the economic development department; D. “ economic development opportunities ” means the advancement of an environmentally sustainable economic development goal of the state as determined by the authority, in coordination with the department, and includes the creation of jobs, the provision of needed services and commodities to diverse communities across the state and the increase of tax and other revenue collections resulting from the enterprise development project; E. “ enterprise assistance ” means opportunity enterprise financing, an opportunity enterprise lease or an opportunity enterprise loan; F. “ enterprise development project ” means the purchase, planning, designing, building, surveying, improving, operating, furnishing, equipping or maintaining of land, buildings or infrastructure to create or expand economic development opportunities within the state; G. “ fund ” means the opportunity enterprise revolving fund; H. “ opportunity enterprise partner ” means a domestic corporation, a general partnership, a limited liability company, a limited partnership, a public benefit corporation, a nonprofit entity or other private business entity or combination thereof that the authority determines is or will be engaged in an enterprise that creates or expands economic development opportunities within the state and is eligible for enterprise assistance pursuant to the Opportunity Enterprise Act; I. “ opt-in agreement ” means an agreement entered into among the authority, the department and a county, municipality or school district that ensures compliance with all local zoning, permitting and other land use rules and that provides for payments in lieu of taxes to the county, municipality or school district; and J. “ payment in lieu of taxes ” means the total annual payment paid as compensation for the tax impact of an enterprise development project, in an amount negotiated and determined in the opt-in agreement among the authority, the department and the county, school district or, if applicable, municipality where the enterprise development project is located in the same proportional amount as property tax revenues are normally distributed to those recipients.