The Trade Ports Development Act establishes a framework for the designation and development of trade port districts in New Mexico, allowing both public and private partners to propose areas for designation based on criteria such as transportation infrastructure and labor availability. The Act creates the Trade Ports Advisory Committee to review and recommend trade port projects and public-private partnership agreements, with the Secretary of Economic Development holding the authority to approve or disapprove these initiatives. Additionally, the Act establishes the Trade Ports Development Fund to provide grants and loans for trade port projects, ensuring transparency through requirements for cost-benefit analyses and public hearings.

This bill amends existing laws related to the Trade Ports Development Act by clarifying the approval process for public-private partnership agreements and the use of funds from the development fund. It classifies the construction of trade port projects as public work, subjecting them to labor laws, and imposes employment restrictions on private partners regarding hiring individuals related to the secretary or employees involved in the review process for two years post-separation. The bill also mandates the State Board of Finance to review agreements and disburse funds based on project benchmarks, requires annual reporting from the secretary starting December 1, 2025, and allows multi-term contracts for public-private partnerships to extend up to thirty years. The provisions of this act are set to take effect on July 1, 2025.

Statutes affected:
introduced version: 7-14-10
Final Version: 13-1-150