CITY of ALBUQUERQUE
TWENTY SIXTH COUNCIL
COUNCIL BILL NO. O-24-66__ ENACTMENT NO. ________________________
SPONSORED BY: Ren?e Grout, by request
ORDINANCE
title
Approving A Project Involving SolAero Technologies Corporation Pursuant To The Local Economic Development Act And City Ordinance F/S O-04-10, The City's Implementing Legislation For That Act, To Support The Expansion And Modernization Of SolAero's Compound Semiconductor Manufacturing Capability And Capacity That Is Both Sufficient To Meet Rapidly Growing Global Demand And A Significant Improvement Of The Overall Economics Of Compound Semiconductor Production At SolAero; Authorizing The Execution Of A Project Participation Agreement And Other Documents In Connection With The Project; Making Certain Determinations And Findings Relating To The Project Including The Appropriation Of Funds; Ratifying Certain Actions Taken Previously; And Repealing All Actions Inconsistent With This Ordinance (Grout, by request)
body
WHEREAS, the City of Albuquerque (the "City") is a legally and regularly created, established, organized, and existing municipal corporation of the State of New Mexico (the "State"); and
WHEREAS, pursuant to Sections 5-10-1 through 5-10-13 NMSA 1978, as amended (the "Act"), the City is authorized to provide economic development assistance to eligible entities for certain projects located within the corporate limits of the municipality; and
WHEREAS, pursuant to the Act, the City has adopted Ordinance No. F/S O-04-10 (the "LEDA Ordinance"), approving an economic development plan for the City and authorizing the City to assist economic development projects in any legally permissible manner, subject to the terms of the LEDA Ordinance; and
WHEREAS, pursuant to the LEDA Ordinance, SolAero Technologies Corporation (the "Company"), has submitted to the Council and the Albuquerque Development Commission (the "Commission") an application (the "Application") requesting certain economic dev...
Click here for full text