Engineering and defense firm BlueHalo is seeking a $2.5 million incentive package and an even larger bond to help finance its Albuquerque expansion.
BlueHalo had planned to apply for financial support, but it was unclear how much the bond agreement would be worth. Project documents posted in advance of an Albuquerque Development Commission meeting scheduled for Thursday show BlueHalo has applied for a $16 million industrial revenue bond (IRB) and for $2.5 million in Local Economic Development Act incentives (LEDA).
IRBs are bonds issued by a governmental entity to finance economic development projects. LEDA incentives are used to support expanding businesses.
BlueHalo’s bond and incentives would coincide with its goal of creating 64 new jobs with an average salary of about $90,000.
A spokesperson for BlueHalo, headquartered in Virginia, could not be reached for immediate comment.
BlueHalo has 260 local employees, according to documents filed with the development commission, which is set to hear BlueHalo’s case for the bond and incentives on Thursday. If the commission approves, the bid will go before the Albuquerque City Council.
If approved, both the IRB and LEDA money would be used for the renovation of BlueHalo’s new building at 10800 Gibson Blvd. in the Sandia Science & Technology Park.
Renovations at the building on Gibson will include a control room and space for robotic testing, and the project is expected to create 40 to 50 construction jobs “sourced from local labor pools,” according to development commission documents. Due to lack of use, the building is in disrepair, the documents show.
Development commission documents also show that the project is estimated to cost $20 million for land, building and infrastructure upgrades in addition to an estimated $13 million for “furniture, fixtures, and equipment.”
As of March, BlueHalo occupied 163,000 square feet in total in Albuquerque.
