(Jim Thompson/Albuquerque Journal)
ALBUQUERQUE, N.M. Economic development was the star of the show during Monday’s Albuquerque City Council meeting, with most of the votes centering on large projects that sailed through without dissent.
“This is a great agenda,” Councilor Diane Gibson remarked at one point. “I wish we had agendas like this every single meeting.”
El Encanto better known to most of us as the tortilla-making, chile-processing Bueno Foods had two pieces of business on the agenda. The council approved both: $10 million in tax-exempt, city industrial revenue bonds and the city’s management of Bueno’s state-funded $500,000 Local Economic Development Act grant.
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ALBUQUERQUE, N.M. The Albuquerque City Council approved financial support that will allow Bueno Foods’ proposed expansion to move forward during its meeting on Monday.
The Bueno Foods project will allow the Albuquerque company to build a 25,000-square-foot freezer warehouse to store food onsite.
The project will be supported by Industrial Revenue Bonds and Local Economic Development Act funds, and was fostered by a mix of local and state economic development agencies, according to a news release from the city economic development agency.
The company plans to invest a proposed $10 million IRB and $500,000 in LEDA funds in the expansion, according to the release. The LEDA grant funding would be provided by the state of New Mexico, with the city acting as fiscal agent.
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ALBUQUERQUE, N.M. Bueno Foods has been awarded a $500,000 state grant to expand its 70-year-old family business and help boost sales of New Mexico products nationwide.
Economic Development Department Cabinet Secretary Alicia J. Keyes announced Tuesday that Bueno Foods’ economic assistance will be used to expand storage and manufacturing capacity and better distribute New Mexico chiles and food products throughout the U.S.
The expansion will be on Bueno Foods property in Albuquerque. The $10 million project is expected to begin this summer and be completed by the end of 2022, at which time Bueno will start to add 49 employees over five years. The company already has about 280 full-time employees.