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Bernalillo council hears first reading of $2.5 million Industrial Revenue Bond for Bosque Brewing
Summary
At its April 22 meeting the Town of Bernalillo heard a first reading of Ordinance 309, proposing a $2.5 million Industrial Revenue Bond for Bosque Brewing to buy equipment; the town will hold a public hearing on May 13, 2019 and the presenters said the bond imposes no town liability and would support hiring 25 local residents.
The Town of Bernalillo held a first reading of Ordinance 309 on April 22, proposing an Industrial Revenue Bond of $2,500,000 for Bosque Brewing Co., LLC to finance acquisition of equipment and other tangible personal property.
Presenter Ida Fierro and attorney Eduardo Duffy of Sutin Thayer Browne told the council the bond is intended to fund the second phase of the Bosque Brewing facility. They said the Town will have no financial liability for the bond and that, under the terms presented, Bosque Brewing would hire 25 Bernalillo residents for 10 years as part of the agreement. No adoption vote was taken at the meeting; a public hearing and final consideration are scheduled for May 13, 2019.
The first reading places the proposal on the council’s calendar for further public review. If the council moves to adopt the ordinance at the public hearing, the bond would be used only for the equipment and tangible personal property described in Ordinance 309.
Mayor Torres and the council did not take a vote on Ordinance 309 at the April 22 meeting; the item was introduced for public hearing and later adoption. The council’s next procedural step is the May 13 public hearing, where members of the public and the applicant may present comments before any final vote.
