Title
Incorporated County of Los Alamos Ordinance No. 691; An Ordinance Amending Ordinance No. 592, Which Adopted An Economic Development Project for Public Support of NMC, Inc., A New Mexico Non-profit Corporation Operated, Supervised or Controlled By the New Mexico University Research Consortium, Pursuant to Ordinance No. 543
Recommended Action
I introduce, without prejudice, Incorporated County of Los Alamos Ordinance No. 691; An Ordinance Amending Ordinance No. 592, Which Adopted An Economic Development Project for Public Support of NMC, Inc., A New Mexico Non-profit Corporation Operated, Supervised or Controlled By the New Mexico University Research Consortium, Pursuant to Ordinance No. 543, and ask staff to assure that it is published as provided in the County Charter.
County Manager's Recommendation
The County Manager recommends that Council introduce this Ordinance.
Body
The New Mexico Consortium, Inc. (NMC) was awarded a Local Economic Development Act (LEDA) grant in 2011 consisting of both funding and land to build a facility. The terms of the LEDA grant required that NMC increase their number of employees by 32 positions and maintain at least those 32 plus their original 20 employees in "high-salary" positions for a period of 10 years. During this performance period, the collateral for the County's grant was to be the land and building in Entrada Park, and the liability for potential repayment of the grant/loan decreases over time by an established proration. At present, the remaining liability is $264,000.
NMC has exceeded their required goal for additional employees during the past 8 years and currently employs approximately 90 persons, a fact which has resulted in a desire for a larger facility and one which has prompted the proposed action. In addition to their direct employees, the NMC facility also houses several other small start-ups, one of which has offered to purchase the current facility. NMC desires to sell the current building a...
Click here for full text