Sandoval County approves industrial revenue bond and tax abatement for Casillion Corporation project

The Sandoval County Board of County Commissioners on Wednesday adopted an ordinance authorizing an industrial revenue bond and related tax abatements to support Casillion Corporation’s proposed manufacturing and engineering facility near the Encino area north of Rio Rancho.Proponents said the project—referred to in county materials as Project Ranger—would initially employ up to 300 people with average starting salaries above $100,000 and represent roughly $101 million in capital investment. Sen. Block told commissioners he considered the project “a game changer” for both the county and national security, and urged support.THE NUT GRAF: The ordinance allows the county to facilitate a financing structure that conveys property-tax and certain gross-receipts exemptions to Casillion in exchange for the company’s local investment and job creation; supporters said the facility would bring high-wage technical jobs and follow strict Department of Defense safety requirements, while county counsel and bond counsel described the measure as a standard IRB transaction rather than county debt.BACKGROUND AND KEY DETAILS:County and bond counsel described the transaction as a typical industrial revenue bond arrangement in which the county technically issues the bonds and leases property to the company so that tax exemptions may be…