Description
Title: Approving A Project Involving Mantis Space Inc. Pursuant To The Local Economic Development Act And City Ordinance F/S O-04-10, The City's Implementing Legislation For That Act, To Support The Leasing, Construction And Improvement Of A Facility To Support Advanced Optics Research And Development And Limited Scale Satellite Component Manufacturing For Development Of On-Demand Power In Space To Be Located In Albuquerque, New Mexico; Authorizing The Execution Of A Project Participation Agreement And Other Documents In Connection With The Project; Making Certain Determinations And Findings Relating
Summary
The City of Albuquerque's Council Bill O-26-19, sponsored by Renée Grout, approves an economic development project involving Mantis Space Inc. This legislation, enacted under the Local Economic Development Act and related city ordinances, supports the leasing, construction, and enhancement of a facility dedicated to advanced optics research and satellite component manufacturing in Albuquerque. The project aims to create 186 new jobs and will be financed with up to $3 million in public funds, split between state and city contributions. This initiative is significant as it seeks to foster local economic growth, enhance job opportunities for residents, and ensure the city recoups its investment within ten years, thereby contributing positively to the community.