The City Council of Socorro convened on July 3, 2025, to discuss significant updates to the Chapter 380 incentive policy aimed at bolstering economic recovery and development within the community. The meeting, led by Economic Recovery Director Quinones, focused on integrating the new policy with the city's strategic economic recovery plan established the previous year.

Quinones emphasized that the revised Chapter 380 policy is a living document, designed to adapt over time to meet the evolving needs of Socorro. The new policy aims to attract diverse industries, including retail, tourism, transportation, warehousing, and construction, which are critical to the city's growth corridor in El Paso County.

Key highlights of the new incentive policy include a focus on quality job creation, with incentives tied to investments exceeding the median county wage. The policy outlines various categories for incentives, including property tax rebates ranging from 50% to 75%, contingent upon meeting specific investment thresholds. For instance, businesses seeking incentives must demonstrate a minimum investment of $250,000, ensuring that the economic impact justifies the tax incentives provided.

Quinones noted that the policy is structured to accommodate both large-scale industrial projects and smaller commercial developments, reflecting the diverse economic landscape of Socorro. The council discussed the importance of attracting businesses that align with the strategic plan, particularly in sectors identified as priorities, such as healthcare and manufacturing.

The meeting concluded with a commitment to monitor the effectiveness of the new policy and make adjustments as necessary to ensure it continues to serve the community's economic interests. The council's proactive approach aims to foster a more prosperous and resilient Socorro, positioning it as a competitive player in the regional economy.