The Community Foundation of Southern New Mexico (CFSNM) and the Mesilla Valley Economic Development Alliance (MVEDA) have reported that in 2022 the NMBorderplex Incentive Program committed $530,000 in support, to six companies, who will create 937 new economic-base jobs, and over $105 million in new capital investments in Doña Ana County. Recipients of the incentive include Artico Cold Storage, Electronic Caregiver, BitWise Industries, Worthington Farms, and two additional companies that will be formally announced in the coming months.
The NMBorderplex Incentive Program is a post-performance, economic-based, job creation grant managed by MVEDA with financial assistance from the NM Economic Development Fund (the Fund), a multipurpose economic development initiative administered by the CFSNM. It is estimated that the economic impacts of these investments in 2022 will lead to over $126 million in new household spending and an overall economic impact of $461 million to the region over the next five years.
To date, in its first two years of existence, the NMBorderplex Incentive Program has provided financial commitments of $805,000 across nine projects in the region, assisting in the creation of over 1,400 new economic based jobs.
The New Mexico Economic Development Fund was established by El Paso Electric to provide $1 million per year for 20 years in support of private businesses, projects and organizations that make or will make a measurable difference in achieving economic growth and development and creating new quality jobs within El Paso Electric’s New Mexico service area. For the past two years, the Fund has been governed by three independent board of advisors made up of local community leadership which included Ed Camden, John Hummer and Jerean Camunez Hutchinson. Entering 2023, Dr. Andrea Tawney will be replacing Ed Camden as the third community advisor as his term has ended.
For more information about the NM Economic Development Fund, Click Here
For more information about the NMBorderplex Closing Incentive, contact MVEDA through their website at www.mveda.com.