ALBUQUERQUE, N.M. (KRQE) – Albuquerque City council has approved funding Monday to help Netflix with its big expansion. The movie and TV streaming company bought Albuquerque Studios two years ago. It is now planning to add 300 acres of production space that would include a special effects warehouse, 10 new soundstages, post-production facilities, office space, mill buildings, a backlot area, a training facility and wardrobe suites.
“Our team worked hard to put this deal together and tonight we can say Netflix’s double-down on Albuquerque is one step closer to being official. We’re building a transformative ‘new economy’ that will redefine our workforce and further establish Albuquerque as a global film hub. This deal will bring thousands of jobs for Burqueños and $2 billion dollars into our economy,” said Mayor Tim Keller in a news release from the city.
The council approved $7 million in Local Economic Development Act funding and an industrial revenue bond of $500 million. In return, Netflix is now promising 2,000 jobs; 1,000 in local production jobs, and 1,500 in construction jobs over the next decade. The state is also promising up to $17 million.
“The global marketing exposure and interest in Albuquerque from outside companies and individuals that’s inevitable as a result cannot be measured or predicted, but we are confident it will be significant,” said Synthia Jaramillo, director of the City’s Economic Development Department, in the same news release.
Netflix plans to add 170 acres to its existing footprint and increase its capacity for local TV and film production services, investing more than $500 million in capital and another $1 billion in production spending over the next ten years. About 30% of production spending will go into goods and services, of which 70%, or $210 million, will be spent in Albuquerque’s small businesses.
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