City Council unanimously approves Netflix expansion - Albuquerque Journal

City Council unanimously approves Netflix expansion

Netflix is planning to boost its presence in New Mexico by adding 300 acres to its 30-acre existing property in Mesa Del Sol and making the city its North American production headquarters. (Roberto E. Rosales/Journal)

The Albuquerque City Council on Monday unanimously approved Netflix’s planned expansion at Mesa del Sol, including millions of dollars in city incentives.

Netflix — which bought Albuquerque Studios two years ago — is planning to add 10 new sound stages, offices, training facilities and more, while boosting production spending by $1 billion by 2033.

The council approved using $7 million in city Local Economic Development Act funding to support the project, $6 million of it coming via in-kind infrastructure investments. The council also signed off on up to $500 million in city industrial revenue bonds. Netflix would have to pay off the bonds itself, though the mechanism provides tax breaks. The city is foregoing about $10.4 million in taxes as part of the deal.

The state of New Mexico is also chipping in $17 million of its own LEDA funding.

The deal now heads to Mayor Tim Keller’s desk.

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