Signed by Governor Michelle Lujan Grisham

Vote Smart's Synopsis:

Vote to pass a bill that establishes the Trade Ports Development Act to support the planning, approval, and financing of trade port districts and projects in New Mexico.

Highlights:

• Authorizes a private or public partner to propose a specific geographic area for designation as a trade port district (Sec. 3).

• Requires proposed trade port districts to meet as many of the following criteria as possible for designation (Sec. 3):

• Designation by the U.S. Department of Transportation as a trade port regional infrastructure accelerator;

• Federal designation as a foreign-trade zone or subzone;

• Availability of services from the U.S. customs and border protection;

• Proximity to a federal interstate highway;

• Proximity to an established or planned trade port corridor system;

• Proximity to a class 1 railroad line;

• Proximity to an airport for national and international passenger and freight service;

• Existing infrastructure suitable for redevelopment or expansion through a trade port project;

• Availability of a qualified labor pool;

• Beneficial impact of a trade port district designation on an economically disadvantaged or distressed community;

• Availability of land in a county with a population of 100,000 or less;

• Availability of a public partner capable of coordinating development activities; and

• Ability to use state economic development incentive programs for trade port projects.

• Requires the Secretary of Economic Development to consider cost-effectiveness, environmental impact, and technological feasibility, among other factors, of proposed trade port projects (Sec. 4).

• Establishes the Trade Ports Advisory Committee to review applications and make recommendations for trade port district designation (Sec. 5-6).

• Authorizes the Secretary of Economic Development to develop forms of application and make final decisions on applications for trade port district designation (Sec. 7).

• Establishes the Trade Ports Development Fund to hold money that is to be appropriated to the Economic Development Department for carrying out trade port development projects (Sec. 9).

• Specifies that this Act takes effect July 1, 2025 (Sec. 15).

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that establishes the Trade Ports Development Act to support the planning, approval, and financing of trade port districts and projects in New Mexico.

Highlights:

• Authorizes a private or public partner to propose a specific geographic area for designation as a trade port district (Sec. 3).

• Requires proposed trade port districts to meet as many of the following criteria as possible for designation (Sec. 3):

• Designation by the U.S. Department of Transportation as a trade port regional infrastructure accelerator;

• Federal designation as a foreign-trade zone or subzone;

• Availability of services from the U.S. customs and border protection;

• Proximity to a federal interstate highway;

• Proximity to an established or planned trade port corridor system;

• Proximity to a class 1 railroad line;

• Proximity to an airport for national and international passenger and freight service;

• Existing infrastructure suitable for redevelopment or expansion through a trade port project;

• Availability of a qualified labor pool;

• Beneficial impact of a trade port district designation on an economically disadvantaged or distressed community;

• Availability of land in a county with a population of 100,000 or less;

• Availability of a public partner capable of coordinating development activities; and

• Ability to use state economic development incentive programs for trade port projects.

• Requires the Secretary of Economic Development to consider cost-effectiveness, environmental impact, and technological feasibility, among other factors, of proposed trade port projects (Sec. 4).

• Establishes the Trade Ports Advisory Committee to review applications and make recommendations for trade port district designation (Sec. 5-6).

• Authorizes the Secretary of Economic Development to develop forms of application and make final decisions on applications for trade port district designation (Sec. 7).

• Establishes the Trade Ports Development Fund to hold money that is to be appropriated to the Economic Development Department for carrying out trade port development projects (Sec. 9).

• Specifies that this Act takes effect July 1, 2025 (Sec. 15).

Full Bill Text