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, while the Secretary of Economic Development is empowered to approve these projects and manage the Trade Ports Development Fund. This fund, which supports planning, renovation, and construction of trade ports, will be financed through various sources and can provide grants and loans with matching fund requirements from private partners.

The bill amends existing laws related to the Trade Ports Development Act, specifically refining the approval process for public-private partnership agreements and the utilization of funds from the development fund. It allows fund money to cover administrative costs for the economic development department and other state entities, contingent on legislative appropriation. Additionally, it classifies construction under public-private partnerships as public works, subjecting them to labor laws, and introduces employment restrictions for private partners to prevent conflicts of interest. The state board of finance is granted authority for final approval of agreements and fund disbursement, while the Secretary is required to report annually on trade port activities, with the bill set to take effect on July 1, 2025.

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