Title
Incorporated County of Los Alamos Ordinance No. 736; An Ordinance Terminating the Economic Development Project of Pebble Labs Inc., A Delaware Corporation.
Recommended Action
I move that Council adopt Incorporated County of Los Alamos Ordinance No. 736; An Ordinance Terminating the Economic Development Project of Pebble Labs Inc., A Delaware Corporation; I further move that, upon passage, the Ordinance be published in summary form.
County Manager's Recommendation
The County Manager recommends that Council adopt this Ordinance.
Body
Ordinance No. 697, adopted by the Los Alamos County Council on August 27, 2019, authorized the Incorporated County of Los Alamos (“County”), on behalf of the State of New Mexico Economic Development Department (the “State”), to enter into a Local Economic Development Project Participation Agreement and Pebble Labs USA, Inc.
On September 30, 2019, the County and Pebble Labs entered into a Project Participation Agreement (the “NMEDD PPA") providing for up to four million dollars ($4,000,000.00) in State Local Economic Development Act ("State LEDA") funds to the County to be distributed to Pebble Labs to acquire, develop and construct a laboratory research campus facility, including land, buildings, equipment, and infrastructure, in the Entrada Business Park in Los Alamos County, New Mexico, and to provide research services within Los Alamos County ("Project").
Pebble Labs met conditions precedent relating to the Project and qualified for State LEDA funds in the amount of three million dollars ($3,000,000.00), which were received by Pebble Labs on December 30, 2019.
Pebble Labs was then adversely impacted by the global and local effect of the COVID-19 Pandemic. As a result, the First Amendment to the NMEDD PPA was entered into on June 13, 2022, (collectively herein as “the Agreements”) by and between the County, on behalf of the State, and Pebble Labs Inc., assignee of Pebble Labs USA, Inc. (together “Pebble Labs”), cappin...
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