Title
Discussion and Possible Approval of Draft Term Sheet for a Local Economic Development Assistance (LEDA) Project with SALA Los Alamos Event Center, LLC (SALA)
Recommended Action
I move that Council approve the draft term sheet for a LEDA project with SALA and direct the County Manager to return to Council with an authorizing ordinance and related project participation agreement for consideration.
County Manager's Recommendation
The County Manager recommends that Council approve the draft term sheet as requested.
Body
The County has an established local economic development plan (see attachment B) that provides the guidelines for its Local Economic Development Assistance (LEDA) program. The County first established this program over 20 years ago and has utilized this mechanism on a wide variety of projects. On February 1, 2022, Council concluded a series of discussions related to business development assistance programs and approved the LEDA Guidance in Attachment C. This item is included for future reference as the application being considered here was not the result of a County initiated solicitation. In June the County received an unsolicited LEDA application from SALA for consideration. A high-level outline of the project is:
SALA will acquire and install equipment needed to add virtual reality and immersive programming to their venue. They will also repair, replace and upgrade other physical and equipment elements throughout the facility.
SALA will produce and present an immersive film, tentatively titled as the Los Alamos Gateway Experience. If feasible, SALA will also produce and present a second immersive film, tentatively titled as Manhattan Project, Behind the Gate.
The County will provide up to $600,000 to support the project (grant $450,000 and loan $150,000).
Additional details are included in the draft term sheet in Attachment A.
Staff has reviewed the application and worked with, and negotiated with, SALA to develop the attach...
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