Description
Title: Amending The Adopted Capital Implementation Program Of The City Of Albuquerque By Supplementing Current Operating Grant Appropriations And Approving New Projects (Bassan, by request)
Summary
Council Bill R-26-7 from the City of Albuquerque amends the Capital Implementation Program to approve a $1.6 million appropriation from the State of New Mexico for Pajarito Powder. Sponsored by Brook Bassan, this legislation is essential for the retention of 30-43 jobs in Albuquerque while federal grants are delayed. The funds will reimburse the company for eligible expenses under the Local Economic Development Act (LEDA). By serving as the fiscal agent, the City’s Economic Development Department facilitates this support, which is collateralized and based on an Economic Impact Analysis. If not approved, Pajarito Powder may need to lay off employees, highlighting the legislation's importance for local economic stability.