An Albuquerque-based solar tracker company could receive nearly $50 million in taxable industrial revenue bonds to support a relocation and expansion project in New Mexico.
The Bernalillo County Board of Commissioners on Tuesday night approved an inducement resolution for a total of $49.5 million in taxable industrial revenue bonds (IRBs) that would support the relocation of that company, dubbed "Project Sunflower." The inducement resolution is essentially a notice of intent that the County received an IRB application from Project Sunflower, Carolyn Tobias, the County's economic development manager, told Albuquerque Business First.
Tax savings provided by the IRBs will "ensure the economic feasibility of the Company's proposed installation and acquisition of equipment necessary for this project," the resolution notes. Otherwise, Project Sunflower "would be forced to leave Bernalillo County altogether" through the closure of its existing location and "consider sites in competing states," due to the "financial gap" for the expansion project.
Although the company is only referred to as Project Sunflower throughout the resolution, it says "the business is the largest solar tracker company in the world." The company is headquartered in Albuquerque and the resolution states it's an, "international manufacturer for the clean energy sector."
The resolution notes the company is "seeking to relocate" to 701 Atrisco Vista Blvd. — a site to the west of Albuquerque just off of Interstate 40 near an Amazon.com Inc. distribution center — to "accommodate business growth and expand truck access."
The resolution goes on to note that Project Sunflower would commit to a 13-year lease, with an option to extend, and it would finance the relocation through out-of-pocket build-out costs. That's in addition to machinery, equipment and necessary improvement costs at the project location, according to the resolution.
Bernalillo County would issue the IRBs in two series — a $34.5 million series to support site construction and building, and a $15 million series to support internal building improvements, machinery and equipment. The facility, if built in the County, is projected to retain 318 jobs while creating 87 new full-time jobs with an average annual salary of $48,586.
Tobias, the economic development manager for Bernalillo County, said the final adoption of the bonds is set for Nov. 14. More information about the project will become public at that time, Tobias said.
The 30-day gap between the inducement resolution and final adoption includes an additional due diligence process, she added.
This story has been updated to clarify that taxable industrial revenue bonds are a request for certain tax relief in the form of abatements and not a contribution of funding by Bernalillo County.
