- Associated Press - Friday, June 10, 2016

SANTA TERESA, N.M. (AP) - The New Mexico Economic Development Department is investing $1.8 million to build a drinking water well that will serve the area around the booming border community of Santa Teresa.

The governor’s office announced the funding Thursday and listed a number of business ventures that stand to benefit, from FedEx Ground’s new logistics facility to MCS Frames’ distribution center.

The funding will be distributed through the Local Economic Development Act, which serves as a closing fund to help recruit new businesses to the state and help those already here to grow.

Officials say the fund has grown to $56 million in the last few years.

Gov. Susana Martinez says Santa Teresa is a strong example of the power that comes from investing in infrastructure to help communities harness their potential.

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This story has been corrected to show the value of the Local Economic Development Act fund is $56 million, not $65 million.

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