SANTA FE - The Economic Development Department's MainStreet Program has received a $1 million appropriation for MainStreet infrastructure projects statewide. The appropriation was included in the Capital Outlay bill passed during the 2011 Special Session and signed by Governor Susana Martinez on Tuesday.
"This will assist communities around the state in funding important downtown revitalization projects that not only help bring life to local downtowns but will assist small businesses and create jobs," said Economic Development Secretary Jon Barela. "I applaud Governor Martinez and the Legislature for supporting a key piece of economic development legislation."
The funding will be awarded to eligible MainStreet and Arts and Cultural Districts through a competitive Request for Proposals (RFP), which is expected to be released in early 2012. Eligible projects range from master planning of downtowns to streetscape improvements to planning for financing tools such as Business Improvement Districts, Tax Increment Financing Districts, and Tax Increment Development Districts. To apply for project funding, New Mexico MainStreet communities and State Authorized Arts and Cultural Districts must be in good standing with the Economic Development Department, have spent at least 90 percent of previous MainStreet capital outlay appropriations and attend training on project management, including historic preservation requirements. Successful grant recipients will be expected to complete projects within 12 to 18 months, and there will be a matching requirement for all projects.
The New Mexico State Legislature has generously funded the MainStreet Capital Outlay fund in 2000 and from 2005 through 2010. Examples of past projects funded by the MainStreet Capital Outlay fund include streetscape improvements in Artesia, downtown gateways in Silver City, purchase and rehabilitation of the Luna Theatre in Clayton, and a Metropolitan Redevelopment Plan in Farmington.
Governor Martinez Signs Capital Outlay Bill that Allocates $1 Million for MainStreet Projects
- Category: Local News Releases
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