Roses Paper seeks IRBs for expansion - Albuquerque Journal

Roses Paper seeks IRBs for expansion

Workers pose inside the Roses Papers Southwest plant in this image from the company website. COURTESY PHOTO

Albuquerque-based Roses Southwest Papers Inc., is seeking $20.2 million in industrial revenue bonds to expand its manufacturing operations, according to paperwork filed with Bernalillo County. The company is also applying for an unknown amount of Local Economic Development Act funding.

Industrial revenue bonds are a complex financial mechanism that allow a company to receive a tax break. In this case, the county’s economic development staff calculated the IRBs would give Roses a property tax abatement of about $81,000 a year on equipment for 20 years and about $42,000 a year on land and improvements for 30 years.

The company says the project will allow it to create a net of 38 new jobs, ranging from assistant operators making $10 an hour to facilities personnel with an average wage of $17 an hour. The net 38 total includes 20 positions that will be eliminated as a result of changes to the manufacturing process, as well as 58 hires. Some of the employees with eliminated positions will be retrained for the new positions, according to the application.

The incentives must be approved by the Bernalillo County Commission before they go into effect. Commissioners are scheduled to vote on the proposal Tuesday evening.

Roses has not yet responded to a request for comment.

In its application, Roses wrote that the bonds will be used to purchase equipment and make improvements to an existing facility, as well as to purchase a new warehouse space at 530 Airport Drive NW in Albuquerque. The company, which manufactures napkin, towel, and tissue products, plans to add robotic packaging technologies, electrical infrastructure improvements and dispenser napkin production machinery to its current facility at 1701 2nd St. SW.

If the package is approved, the bonds will be issued in two phases. Series A at $12 million would be used to fund the equipment purchases and improvements at the existing facility, while a $8.2 million Series B would be used to acquire the new warehouse space, according to the filings.

The county’s economic development staff recommended that the commission approve the application on the grounds that it is in line with the county’s goal of providing “a thriving, livable community with diverse opportunities for our residents.”

 

Home » Business » Most Recent Biz News » Roses Paper seeks IRBs for expansion

Insert Question Legislature form in Legis only stories




Albuquerque Journal and its reporters are committed to telling the stories of our community.

• Do you have a question you want someone to try to answer for you? Do you have a bright spot you want to share?
   We want to hear from you. Please email yourstory@abqjournal.com

taboola desktop

ABQjournal can get you answers in all pages

 

Questions about the Legislature?
Albuquerque Journal can get you answers
Email addresses are used solely for verification and to speed the verification process for repeat questioners.
1
How will EU ban and West's price cap on ...
Energy
FRANKFURT, Germany (AP) -- The European ... FRANKFURT, Germany (AP) -- The European Union is taking another big step toward cutting its energy ties with Russia. The 27-nation bloc is banning ...
2
Congress vs. kindergarten? One has adult supervision
Business
Later this month I will visit ... Later this month I will visit Washington D.C. for a conference. I hope to go to some museums while I ...
3
The nitty gritty of Roth IRA conversions
ABQnews Seeker
Roth IRAs offer many benefits over ... Roth IRAs offer many benefits over traditional IRAs. I have written previous articles, encouraging readers to build their Roth IRAs through contributions or conversions. ...
4
Laguna Pueblo starts work on affordable housing project
ABQnews Seeker
The Laguna #3 affordable housing development, ... The Laguna #3 affordable housing development, which is set to complete in mid-2024, will be able to house 20 families.
5
'More like a home' than a hospital: Presbyterian's new ...
ABQnews Seeker
Departments and floors of the $170 ... Departments and floors of the $170 million tower will be opening on a weekly basis over the next two months.
6
Los Lunas seeks more funds for I-25 project
ABQnews Seeker
The village is about $51M short ... The village is about $51M short of fully funding the $141M phase
7
New cannabis delivery service enters ABQ market
ABQnews Seeker
Priscotty made its first delivery earlier ... Priscotty made its first delivery earlier this month
8
Sandia Area Federal Credit Union names new CFO
ABQnews Seeker
The announcement was made on Tuesday The announcement was made on Tuesday
9
The Verdes Foundation to use state funds to train ...
ABQnews Seeker
Cannabis firm is one of 10 ... Cannabis firm is one of 10 to receive funds from Job Training Incentive Program in January