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Old Posted Nov 23, 2020, 11:08 PM
ABQalex ABQalex is offline
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Join Date: Dec 2019
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More huge economic development news today in Albuquerque. Netflix and the state film office have unveiled plans to expand the Albuquerque Studios site tenfold to over 300 acres. As part of the expansion Netflix has committed to building at least ten new soundstages and supporting infrastructure at Albuquerque Studios. It is also committing to doubling its production output in Albuquerque over the next ten years. It will now commit to a direct spend of $2 billion and creating 2,000 jobs. The construction of the new soundstages and supporting facilities, including commissary, post-production facilities, millworks, expanded backlot, etc. will mean an additional 1,467 construction jobs as well.

The Albuquerque Development Commission is meeting today to review and approve the economic incentives package, which includes $17 million in LEDA funds from the state, $7 million in LEDA funds from the city and a $500 million Industrial Revenue Bond issued by the city. Netflix will lease 130 acres of the new land from the state land office and the rest is private land. The lease of state land will provide $24 million in revenue to the University of New Mexico.

Netflix has so far easily met and exceeded its spending and jobs commitments from the first deal. In 2019 it employed over 1,600 people and had $150 million in direct spending in New Mexico. Production of popular shows like Stranger Things have moved to Albuquerque as well.
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