District 4

New Mexico Food Processing Facility Approved in BernCo

07/01/2020

Bernalillo County Commissioners approved the issuance of up to $9 million in taxable industrial revenue bonds for Santa Fe-based New Mexico Fresh Foods to locate in an existing northern county warehouse.

The industrial revenue bonds will be used for the acquisition and installation of equipment used in high-pressure preservation which allows just-made foods to remain fresher longer without the use of preservatives. The approval of these bonds makes New Mexico Fresh Foods the first company in New Mexico, and the southwestern United States, to utilize this technology.

Industrial revenue bonds are privately funded and can enable tax exemption of property taxes on land, buildings, and equipment and have a maximum repayment term of 30 years.

“This is a very unique opportunity to bring this cutting-edge business into the county,” says County Commission Chair Lonnie Talbert. “And what’s more, New Mexico Fresh is using an existing warehouse, filling empty space and creating jobs.”

The company is looking to acquire and renovate the warehouse previously home to Ceramic Tile International. This planned location is a non-residential area near Balloon Fiesta Park and is in an opportunity zone. Opportunity zones are economically distressed areas and may offer various tax incentives to businesses willing to locate in the zone.

New Mexico Fresh Foods is expected to create 138 jobs at its production facility and the term on the bonds is 17 years.

The commission approved the bonds on a 5 to 0 vote.

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