Las Cruces approves IRB for Endurance Technologies; company pledges 41 jobs
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Summary
Council approved an industrial revenue bond ordinance for Endurance Technologies, clearing a 20-year tax-abatement arrangement linked to a $17.6M investment and a projected 41 jobs averaging $58,000 in annual pay; ordinance includes pilot payments and clawback provisions.
Las Cruces City Council on Nov. 17 adopted an ordinance authorizing an Industrial Revenue Bond (IRB) for Endurance Technologies, a steel‑pipe manufacturer planning a new U.S. facility in the city's industrial park.
City economic development staff told the council the project involves roughly $17.6 million in capital investment and would support 41 jobs with an average wage of about $58,000. Staff explained IRBs are a statutorily authorized economic-development tool that can provide property‑tax and gross‑receipts‑tax exemptions for qualifying projects; state law bars municipalities from using their own resources to pay IRB debt service, staff said.
The ordinance authorizes a 20‑year IRB, approves primary bond documents and pilot (payment in lieu of taxes) terms for the school district, and includes clawback provisions should the company fail to meet obligations. A company CEO, Jeff Patura, participated virtually during the discussion.
Councilors had no substantive questions at the meeting and approved the ordinance on the record; staff and the company were congratulated at the vote.
The city's motion to adopt the ordinance was approved by roll call with one council member absent. Staff said the transaction can close following publication requirements and a 30‑day waiting period after notice of adoption is published.