Las Cruces City Council is scheduled to vote on a plan to bond Hold Harmless GRT tax funds next month. If the bond passes, $12.6 million dollars will be available for economic development projects around the city.
Council is looking to fund a variety of projects with bond money in an effort to diversify their investments. Some of the Projects being looked at include expanding the convention center, building a soundstage, making improvements at the airport, and developing a business incubator.
Las Cruces City Councilor and Chair of the Economic Development Committee Nathan Small says they looked at three factors when narrowing down projects.
“These are projects that are intended to raise wages across strategic sectors,” Small said. “To expand the gross receipts tax base, so it will bring more funding to Las Cruces for priorities here in our city. And because these projects are in important sectors, and industries for the city.”
Las Cruces Economic Development Coordinator, Gary Camarano, says they are looking into public-private partnerships to complete the projects in order to get the most of the bond money.
“Really for Economic Development to really be effective you have to have the private sector involved,” Camarano said. “I mean, let’s face it. They’re the ones creating the jobs; they’re the ones whose skin is in the game and taking most of the chances. Our job is to assist the private sector where we can.”
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Councilor Greg Smith says when it comes time to approve specific projects, they will look at which have the potential for the most return on investment.
“We’re doing our very best to figure out where can we get that return on our investment,” Smith said. “Where can we put money into a project that’s going to come back to this community with more jobs, with better paying jobs, with a higher quality of life, with more opportunities for people.”
The plans for the projects will come to the council for approval over the next few years, Camarano says the Economic Development Committee will not ask for funding for a project until the details have been finalized.
“Some of the plans are a little further advanced like the convention center expansion,” Camarano said. “There is actually a hotel that is coming to town to build a hotel next to the convention center. There are plans drawn up for it. So, that one will probably get done very soon. The sound stage project, a little bit longer in development, pulling all our partners together, taking a look at what it will look like ultimately.”
Small says these projects will be able to be examined by the city council on a case-by-case basis.
“As these projects come forward,” Small said. “There will be specific analysis that is done, and again seeking to leverage other partnerships, and those contributions from other sectors, whether they be other public sectors, and most especially for the private sector.”
If the bond is approved by the city council in September, council could begin approving these economic development projects in October.
