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 approval for 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 and accountability through requirements for cost-benefit analyses and public hearings.

The bill amends existing laws related to the Trade Ports Development Act, specifically refining 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 of the economic development department. The State Board of Finance is mandated to review and approve public-private partnership agreements, and the secretary must submit an annual report on trade port projects. The bill also allows multi-term contracts for public-private partnerships to extend up to thirty years, with provisions taking effect on July 1, 2025.

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