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CED Seeks LEDA Funding Applications for Retail Projects

(Clovis, New Mexico) Thursday, June 23, 2022–Clovis Economic Development (CED) and the City of Clovis today announced that CED is accepting applications for tax funding eligible under the Local Economic Development Act (LEDA). Potential projects include gross receipts reimbursement, investment in land, buildings, infrastructure, and other local economic development incentives for retail.

During the 2021 Legislative Session, the New Mexico State Legislature adopted Senate Bill 49, which changed the LEDA to allow municipalities with a population over 35,000 to utilize their municipal funding for retail in their communities. Now, LEDA allows municipalities, like the City of Clovis, to use a percentage of funding from gross receipts tax (GRT) to incentivize industry, as well as new and existing retail.

To qualify, projects must address the retail gap analysis as adopted by the Clovis City Commission. The level of support will be based on the identified retail gap addressed by the project, capital investment, wage rates, return on investment and the number of newly created or retained jobs.  

To apply, visit clovisnm.org/ced-home/leda-retail/