Title
Introduction of Incorporated County of Los Alamos Ordinance No. 752; an Ordinance Adopting An Economic Development Project For Public Support of UbiQD, a Foreign Corporation Organized under the Laws of the State of Delaware and Registered to Conduct Business in the State of New Mexico
Recommended Action
I introduce, without prejudice, Incorporated County of Los Alamos Ordinance No. 752; an Ordinance Adopting An Economic Development Project For Public Support of UbiQD, a Foreign Corporation Organized under the Laws of the State of Delaware and Registered to Conduct Business in the State of New Mexico, 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
UbiQD, LLC is a local startup that is a result of the Tech Transfer program at LANL. They are currently headquartered in an owned building located at 134 East Gate Drive in Los Alamos County. The company currently employs 43 full time employees. UbiQD would like to purchase an additional building, 170 East Gate Drive, for the purpose of expanding their research, development and prototyping operations by increasing laboratory and manufacturing space.
The following is an overview of the company from their website:
UbiQD’s vision statement is: We envision a future where quantum dots are widely used in a range of different products. They can make industrial processes like food and energy production more efficient, and enhance the quality of consumer products like displays, inks, and cosmetics. Advanced materials like quantum dots will be at the forefront of the next industrial revolution.
UbiQD is proud to call Los Alamos, New Mexico, home-a community built on a legacy of innovation and scientific discovery. This unique location offers the perfect environment for cutting-edge nanomaterial research, manufacturing, and collaboration.
UbiQD produces very bright quantum dots with a scalable low-cost process using environmentally friendly synthesis that is free of toxic heavy metals or other carcinogenic materials. Our dots also have stable optical properties that perform well under harsh environments such as high temperatures and moisture exposure.
Quantum dots (QDs) are vanishingly small (nano) particles of semiconductor material that are highly effective at manipulating color and light. QDs are so tiny that one dot compared to a golf ball is about the same ratio as a golf ball to planet Earth. QDs can have remarkably high efficiency photoluminescence properties (they glow bright) over a wide-range of visible and invisible colors, tailored by adjusting their size and composition.
These particles have a protective, layered structure that enhances durability and light-emitting properties. As their size increases, their light shifts to warmer, redder tones; smaller QDs shift to cooler, bluer tones. This tunability makes them ideal for diverse applications, from agriculture to solar energy.
The company is preparing to expand their manufacturing capacity and needs to put significant investment into the prototyping. They believe that it is a prudent fiscal move to purchase an additional building in Los Alamos and maintain Los Alamos as their headquarters even though they are also expanding manufacturing in Pojaque. The additional building brings the space for an additional ten jobs over the next two years. UbiQD continues expanding and growing sales faster than was initially projected.
The Local Economic Development Act (LEDA) project public participation is $800,000.00 zero interest loan that will be re-paid over ten years starting at year three though year ten of the Participation Agreement Effective Date in equal monthly payments of $9,523 and change. The County will maintain first priority liens on both the 170 and 134 properties as security for the LEDA loan to provide for adequate coverage of the $800,000.00 loan amount. UbiQD will be making capital improvements to the new building and will maintain the additional employees for the duration of Participation Agreement.
The benefit for LAC will be the opportunity to retain a young company that is producing world changing science and products. The increase in high paying jobs within the County (10 FTE by year 2 at average salary of $88,000) and the increase of sales of products produced here in Los Alamos and exported is most desirable.
Fiscal and Staff Impact/Planned Item
There is adequate fund balance within the Economic Development Fund for this LEDA project. There will be no staff impact outside of contract management.
Attachments
A - Incorporated County of Los ALamos Ordinance No. 752