By Jesse Jones, The Paper. — The Duke City could see more than 200 high-tech jobs and tens of millions of dollars in private investment if the City Council approves $3.1 million in city and state incentives for three local companies in cybersecurity, quantum computing and aerospace.
The three proposed Local Economic Development Act projects would bring $55.75 million in private investment to Albuquerque and create 221 high-wage jobs, with aerospace and quantum computing positions averaging more than $142,000 a year. The city and state would provide $3.1 million in incentives. The city would provide $1.1 million in LEDA funding, and the state would cover the remaining $2 million. According to city documents, the contracts require the companies to secure the incentives with letters of credit or other collateral and repay the money if they fail to meet hiring targets or keep their Albuquerque operations for at least 10 years. City cost-benefit analyses also show the city expects to recoup its investment within 10 years through increased tax revenue and local business activity.
Photo by Roberto E. Rosales for the Paper Credit: The Paper
- Securin, Inc.: Councilor Brook Bassan is sponsoring Ordinance O-26-52, which would provide $350,000, including $250,000 in state funds and $100,000 from the city, for the New Mexico cybersecurity firm Securin to expand its headquarters. Securin plans to invest $1 million and add 44 jobs. City staff recommended approval but said they could not confirm whether Securin covers at least half of its employees’ health insurance premiums.
- Quantinuum LLC: Bassan is sponsoring Ordinance O-26-53, which would provide $1.5 million, split evenly between the city and state, for the global quantum computing firm to open a roughly 13,263-square-foot research center. Quantinuum plans to invest $32.5 million and create 25 scientific and engineering jobs with average starting salaries of $150,000. The company expects workers relocating to New Mexico from out of state to fill about 60% of those positions. The city expects to recoup its investment in less than seven years, while a state analysis projects it will take more than a decade to recover the state’s share.
- BlackVe, Inc.: Councilor Nichole Rogers is sponsoring Ordinance O-26-56, which would provide $1.25 million, including $1 million in state funds and $250,000 from the city, for the aerospace company to invest $22.25 million in a 55,000-square-foot satellite design, manufacturing and operations facility at MaxQ@Kirtland. The 70-acre high-tech commercial campus sits on Kirtland Air Force Base. The expansion would create 152 jobs and generate an estimated $228.4 million in economic activity over 10 years. Because the facility sits on federal military land, it is exempt from city and county zoning and planning regulations. The city expects to recoup its investment by the third year.
The Albuquerque Development Commission recommended approval of all three agreements, according to the ordinances. City planners said the projects would diversify Albuquerque’s economy by expanding high-paying jobs in technology, cybersecurity and aerospace.
The City Council will consider the three LEDA ordinances at its Aug. 17 meeting.