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Commission approves $32M IRB for conversion of old GE plant into 'the Yard' digital film studio
Summary
The board approved an industrial revenue bond for Filmard LLC to develop a $32 million digital film studio at a former GE manufacturing site; staff projected more than 200 jobs at peak, a pilot structure that collects 43% for the county and an estimated $6.5 million county return over the analysis period.
The Bernalillo County Commission on March 11 approved an industrial revenue bond (IRB) for Filmard LLC to redevelop a former GE manufacturing site into a phased digital film studio branded "the Yard." Economic development staff described the project as a $32 million private investment that will be developed in two phases and create over 200 jobs at peak production.
Marcos Gonzalez, the county’s economic development director, said the project is intended to lower production costs for independent filmmakers and revitalize the San Jose–South Valley corridor. He said the PILOT (payment in lieu of taxes) structure would result in the county collecting 43% of expected pilot payments while an estimated 57% exemption applies to property, personal property and gross-receipt taxes for the site.
Commission discussion touched on demand for film production spaces and tax-shift effects. Commissioner Leas asked about market demand and noted industry consolidation and offshoring trends; Commissioner Benson cautioned that IRBs shift tax burden to other property owners even as they aim to grow the tax base through economic activity.
The commission voted to approve the IRB introduction and associated approvals; staff said the project will be subject to IRB reporting requirements and public engagement through environmental and related processes.
