ALBUQUERQUE—Mayor Richard J. Berry signed off on an incentive package Friday for SUMCO Phoenix Corporation to grow its work force in Albuquerque.
The incentive package includes the issuance of an industrial revenue bond (IRB) to purchase and install equipment for a 48,109 square foot existing vacant manufacturing facility in the North I-25 area. The IRB is not to exceed $10 million. The project will add 35 technical jobs at a total gross payroll of about $1.5 million per year.
“This is a great opportunity for us to promote job growth in Albuquerque while protecting the taxpayer.” Mayor Berry said. “The incentives include taxpayer protections such as clawback provisions. SUMCO will be required to meet all of it’s obligations under the agreement including job creation milestones and continuing operations of the facility. SUMCO will also provide the City with annual reports of local purchasing activity and community stewardship. The City is not at risk to pay back bonds in the case of default. This is how we protect City assets and encourage SUMCO to live up to its end of the bargain while growing our employment base.”
The project was part of a competitive site selection process for SUMCO to find a suitable location for a facility to finish and slice silicon crystals into wafers that will be used by the producers of solar panels and other solar cell products.
“It was a natural extension to grow our business in Albuquerque,” Ken Manicki, SUMCO Vice President of Finance/Accounting said. “New Mexico’s labor force combined with the City of Albuquerque’s business-friendly approach makes this an easy choice for us.”
The project is compatible with land use existing in the North I-25 area, a mix of industrial/warehouse/commercial uses. There are no significant environmental impacts associated with this project; in fact more than 70 percent of water used by the new facility will be recycled to irrigate Balloon Fiesta Park.
For additional information regarding SUMCO Phoenix Corporation, please contact Nancy Norman, SUMCO External Affairs Coordinator, at (480) 473-6019.