Hobbs voters to decide changes to economic development plan | New Mexico News

HOBBS, NM (AP) – It will be up to the residents of Hobbs to approve a proposed change to the city’s economic development ordinance in New Mexico that could result in larger retailers locating in the community.

Voters on March 1 will be asked about amending the ordinance on the city’s strategic economic development plan to include cultural facilities and retail businesses as eligible entities to receive public support as defined by the State Local Economic Development Law.

State lawmakers earlier this year broadened the types of support and definition of retail businesses to include municipalities with populations over 15,000.

In a legislative session earlier this year, Hobbs Mayor Sam Cobb and Clovis Mayor Mike Morris urged lawmakers to change the state’s Economic Development Act to allow towns like Hobbs to compete with other municipalities.

The Hobbs News-Sun reported that prior to these changes, municipalities were unable to use public assistance for retail establishments or cultural facilities, and municipalities with more than 15,000 and under. of 35,000 inhabitants could not use it for retail establishments or any other businesses.

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City attorney Efren Cortez told commissioners at a recent meeting that Hobbs had a chance to level the playing field with neighboring towns.

“If you look at Lubbock, Texas, for example, Texas has been using tax revenue for years to boost retail incentives,” he said. “If you’ve been to Lubbock, you can see the exponential growth of their retail industry. I believe that a measure like this puts not only the city of Hobbs in the same stadium, but also New Mexico in general.

If the measure is passed, the ordinance would enter into force on July 1.

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