The Bernalillo County Commission this evening took final action on significant economic development incentives that will help Lowe’s Home Centers create 300 new jobs in the Albuquerque area.
The commission unanimously approved a $10 million industrial revenue bond and a $75,000 Local Economic Development Act grant that will help the company establish a new customer contact center on Jefferson Street N.E. The customer contact center will include customer care, installed sales support and Internet sales support, among other functions.
Tuesday’s project is in addition to the 600 jobs announced by Lowe’s in late 2011.
“Bernalillo County is again leading the way on creating jobs, and I am proud of the progress we’ve made on economic development over the past year,” Commission Vice Chair Maggie Hart Stebbins says.
“We’re pleased to partner with Lowe’s on projects that will eventually bring a total of 900 jobs to Bernalillo County,” Commissioner Simon Kubiak says. “This is more good news for District 1 and Bernalillo County.”
“This strong partnership between Lowe’s and Bernalillo County is a fine example of what’s possible when local government works closely with business and the community to bring new jobs to the region,” says Gary Tonjes, president of the nonprofit Albuquerque Economic Development.
The $10 million industrial revenue bond would allow the company to abate certain taxes. Taxpayers will not finance the bond. The industrial revenue bond will be self-funded.
The $75,000 grant is contingent on the company meeting certain employment goals and other conditions outlined in a specific agreement that includes protections for the county’s investment in the project.
The funds will be used to invest in upgrading an existing building to house the new customer contact center.
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