In 2022, the NMBorderplex Incentive Program demonstrated its commitment to economic development in Doña Ana County. The Community Foundation of Southern New Mexico (CFSNM) and the Mesilla Valley Economic Development Alliance (MVEDA) proudly announced that the program had allocated $530,000 in support to six dynamic companies. These forward-thinking businesses are set to generate 937 new economic-base jobs and usher in over $105 million in fresh capital investments within the county. Among the recipients of this valuable incentive are Artico Cold Storage, Electronic Caregiver, BitWise Industries, and Worthington Farms. Two additional companies are set to be formally unveiled in the months to come, adding to the program’s impressive portfolio.
The NMBorderplex Incentive Program, administered by MVEDA with financial backing from the NM Economic Development Fund (the Fund), is a post-performance, economic-based job creation grant. This initiative, managed by CFSNM, has far-reaching economic implications. It is projected that the investments made in 2022 will result in over $126 million in new household spending and an overall economic impact of $461 million in the region over the next five years.
The success story of the NMBorderplex Incentive Program doesn’t stop there. In its first two years of existence, the program has made financial commitments totaling $805,000 across nine projects in the region, significantly contributing to the creation of over 1,400 new economic-based jobs.
The New Mexico Economic Development Fund, established by El Paso Electric, is a shining example of private sector support for growth and development. With an annual commitment of $1 million over 20 years, this fund is a cornerstone for businesses, projects, and organizations that actively contribute to economic growth, development, and the creation of high-quality jobs within El Paso Electric’s New Mexico service area. The Fund is overseen by three independent board advisors, representing local community leadership, including Ed Camden, John Hummer, and Jerean Camunez Hutchinson. As we step into 2023, Dr. Andrea Tawney will assume the role of the third community advisor, taking over from Ed Camden, whose term has concluded.
For more detailed information about the NM Economic Development Fund, please visit the CFSNM website at www.communityfoundationofsouthernnewmexico.org.
To learn more about the NMBorderplex Closing Incentive and its positive impact on economic growth, contact MVEDA through their website at www.mveda.com.