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.