The Greater Albuquerque Chamber of Commerce and Albuquerque Economic Development along with 30 additional economic development organizations and Chambers of Commerce throughout New Mexico last Thursday asked Senate Finance Committee and House Appropriations and Finance Committee members to keep LEDA (Local Economic Development Act) and JTIP (Job Training Incentive Program) funding intact as the state considers its budget challenges. The group, which came together as the New Mexico Coalition for Jobs, submitted the request via individual letters sent to members SFC and HAFC.
In the letter, the organizations noted:
“As you are aware, companies often consider multiple states when looking to expand. Employers look for competitive incentive packages, and the availability of LEDA funding and other incentives can be the deciding factor. That is why we encourage the Legislature to maintain the LEDA fund at $50 million and to make the fund recurring and non-reverting. The fund needs to be maintained at this level so that LEDA proposals can be made quickly, when companies are weighing final offers from competing states. Businesses want certainty. If there is doubt about the availability of LEDA-type job creation funds and other incentives, such as the Job Training Incentive Program, the employer is more likely to remove that state from consideration. New Mexico has missed out on other job creation opportunities when it didn’t have LEDA dollars to pledge. We can’t afford to take that risk again.”
Read the full letter here.
To read coverage in the Albuquerque Journal, click HERE.