Council approves $227.5 million IRB for Sawmill District after adding prevailing‑wage condition

The Albuquerque City Council voted Tuesday to approve an industrial revenue bond (IRB) package that clears the way for three private developments in the Sawmill District, approving the ordinance 9-0 after the council adopted a floor amendment that requires the developer to pay prevailing wages as defined by House Bill 6.

City staff presented the ordinance, O-87, as a consolidated IRB request to support three projects in the Sawmill District: a 115-room boutique Sawmill Hotel, an extended-stay Chaco Residence product, and a 140-unit mixed-use apartment building with retail. Deputy Director Monica Mitchell outlined the package and the staff analysis, and recommended approval. Mitchell said the consolidated IRB would support private investment in a designated metropolitan redevelopment area and federal opportunity zone and estimated the private investment at roughly $227.5 million, with an estimated 750 construction jobs and dozens of permanent positions when the projects are complete.

The developer, Jim Long, spoke to the council and framed the proposal as a chance to grow local small businesses and tourism. "We're very excited to create these beautiful buildings for our city," said Jim Long, owner and developer of the project. He told the council the project…