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Council approves $5.6M industrial revenue bond for Geltmoor Karsten manufacturing project
Summary
The city passed an ordinance to issue taxable Industrial Revenue Bonds (IRBs) up to $5.6 million to fund renovation of a 56,000-square-foot building at 2810 Karsten Road for local manufacturers, promising job creation and reuse of an idle facility.
The Albuquerque City Council voted unanimously April 7 to authorize the issuance of up to $5.6 million in city-backed taxable industrial revenue bonds (IRBs) for a project to renovate a 56,000-square-foot building at 2810 Karsten Road into manufacturing space.
The ordinance (O-79) authorizes execution of bond documents, a lease/bond indenture and related agreements to support a private developerGetmore LLCand two local manufacturers as tenants. City staff recommended approval after a review that found the project meets the citys IRB…
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