Title
Incorporated County of Los Alamos Ordinance No. 709, 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. 709, an ordinance terminating the Economic Development Project of Pebble Labs Inc., 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 adopt Incorporated County of Los Alamos Code Ordinance No. 709
Body
The purpose of this Ordinance is to terminate the economic development agreement with Pebble Labs, Inc. (“Pebble”) facilitated by LEDA and the associated Industrial Revenue Bond and Lease Agreement. If approved, Ordinance No. 709 terminates the Project Participation Agreement and authorizes the County Manager, or designee, to execute the attached Termination Agreement, Exhibit “A,” which outlines the process by which Pebble returns the two parcels of land to the County, and requires Pebble to redeem (pay off) the Industrial Revenue Bond.
Brief History of the Project with Pebble:
Pursuant the State’s Local Economic Development Act, Sections 5-10-1 through 5-10-17 NMSA 1978 and County Ordinance No. 693 adopted by the Los Alamos County Council on June 11, 2019, the County and Pebble Labs USA Inc., a New Mexico Corporation (“PLUSA”) entered into a Project Participation Agreement dated July 13, 2019 (the “PPA”), pursuant to which the County granted real property within the Entrada Business Park, specifically including Lot 6B-2 and a parking parcel on a portion of the lot known as “Lot 1-B-2 Sunrise Mesa Subdivision, Plat Book 186, Page 141 8/19/2019” (together the “LEDA Parcels”), the value of which was One Million Four Hundred Six Thousand Five Hundred Dollars ($1,406,500).
Pursuant to the PPA, PLUSA was required to invest $60,000,000 for a Biotech Campus Project for Qualified Expenditures over the ten-year t...
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