By Hannah Grover
State legislators are seeking funds for state officials to contract with an entity that can help promote economic development in the Lower Estancia Valley.
SB 183 would provide $100,000 to the Economic Development Department to contract with an economic development organization in the region. The bill is sponsored by Sen. Liz Stefanics, D-Cerillos, Rep. Stephanie Lord, R-Sandia Park, and Rep. Anita Gonzales, D-Las Vegas. All three of the legislators serve constituents in parts of Torrance County.
The economic development organization will be tasked with overseeing programs that can help existing businesses, including through expanding the “income potential of all businesses in the trade area,” according to the fiscal impact report.
Additionally, the organization will need to promote programs that the fiscal impact report describes as “of a civic, social and cultural nature.” These programs will be designed to “increase the functional and aesthetic values of the community and to discover and correct abuses that prevent the advancement of business expansion and community growth.”
In the fiscal impact report, the Economic Development Department outlines measures to determine if the appropriation is successful. Those include:
- New businesses coming into the region
- Expansions of existing businesses
- Job creation
- Improvements in employment rates
- Growth in revenue in existing businesses that benefit from the economic programs
- Community engagement in the civic, social and cultural programs that the funding will support
The bill was referred to the Senate Tax, Business and Transportation Committee. Should it clear the Tax, Business and Transportation Committee, the legislation will be heard in the Senate Finance Committee.
The money included in the bill would be a one-time contribution, and any funds not spent by the end of fiscal year 2026 will revert to the state’s general fund.
However, in its agency analysis, the Economic Development Department states that “a one-time appropriation may not be sufficient for long-term economic development, necessitating additional funding in future fiscal years.”