A 16,000 square foot building in Albuquerque could see renovations if members of the Bernalillo County Board of Commissions approve up to $25 million in industrial revenue bonds.
Because the name of the company that would be moving into the building has not yet been made public, commissioners are currently simply referring to the matter as “Project Oryx.”
But this much is known: the company, in seeking revenue bond funding, has said moving into a new location would mean that it can hire 139 more people.
If commissioners approve the project, the company would receive a tax abatement of up to $1.5 million.
The commissioners did approve publishing a Notice of Intent to adopt an ordinance under the Local Economic Development Act getting the industrial revenue bond process underway.
In securing the bonds, the company’s property would be transferred to Bernalillo County. The bonds would then allow the company to pay for things like paying for facility upgrades and improvements.
Companies securing such bonds typically use them as capital for such things as land acquisition, construction, and development costs, among other things
It is expected that the commission will officially vote on the revenue bonds question at their regular meeting on November 13. The name of the company in question, as well as other details regarding the project, will probably be revealed in early November.
Companies applying for industrial revenue bonds with the county are typically required to pay a fee of one-tenth of one percent of the amount being borrowed. That amount, according to county regulations, is never less than $5,000.
Last month, the commission voted to approve $10 million in such bonds for Sawmill Bellamah Properties, allowing the company to build a new shopping and dining market in Albuquerque’s Sawmill District.
By Garry Boulard
