Tonight the Bernalillo County Commission approved an industrial revenue bond up to $16 million for Friedman Recycling of Albuquerque, LLC.
"Friedman Recycling is another success story for Bernalillo County as we continue to create jobs in a tough environment,” says Commissioner Michelle Lujan Grisham. “ Every opportunity we create for working families is a step in the right direction in our economic recovery."
Approving the industrial revenue bond will allow the county to reduce the amount of gross receipt and property taxes the company will pay. The industrial revenue bond also allows Friedman Recycling to access tax exempt financing through the State Board of Finance. This economic development tool assists companies like Friedman Recycling to acquire financing at a lower interest rate and makes the total project feasible. Bernalillo County is the first entity to utilize this economic development tool.
Friedman Recycling is expected to break ground in June on a new facility in the North Valley at 5049 Edith N.E. The project will create 135 construction jobs and 35 permanent jobs. Total project investment is $19.5 million.
Friedman Recycling has entered into a 12-year contract with the City of Albuquerque to process all of its recyclables. Taxpayers will not pay for the new facility. The bonds will be acquired by investors to purchase land, build, and equip the new 70,000 square foot facility.
"Our partnership with Friedman Recycling will also help our efforts to protect our environment and preserve our natural resources in Bernalillo County," says Lujan Grisham.
The industrial revenue bond incentive is one of many economic development tools available to Bernalillo County to help grow the local economy.
"We are proud to be a part of creating 35 new permanent jobs and more than 135 construction jobs in Bernalillo County."
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