Councilors to hold special meeting on Netflix in Albuquerque

Albuquerque city councilors say they need more time to craft the deal that will bring internet giant, Netflix, to the Duke City.

“We are looking forward to this coming Thursday, to take action with Netflix coming to the Albuquerque community,” says Councilor Ken Sanchez.

Last week, the Albuquerque Development Commission green-lighted, giving Netflix $4.5 million to buy Albuquerque Studios.

“It is a world-class facility that sometimes wasn’t even at 50 percent capacity,” says Alicia Keyes, the Albuquerque Film Liaison.

Albuquerque Studios will be the first studio purchase for the internet giant.

During a press conference Sunday afternoon, City Councilors Ken Sanchez and Pat Davis say the deal still isn’t finalized.

“No one has signed on the dotted line yet. Somebody said the other day that this is a very big billion dollar handshake deal,” says Davis.

In order for the city to make the Netflix deal official, Davis and Sanchez say they need more time to lock down the specifics of the funding.

“With the state money that they provided, $10 million in LEDA funding. The city’s portion will be $4.5 million,” says Sanchez.

Sanchez and Davis say the special meeting is an opportunity to be transparent with how taxpayer dollars will be spent.

“We have time for the public to look at the deal. Councilors to look at the deal, and really give its full due diligence,” says Davis.

That special meeting will be held this Thursday at 5 p.m. in the council chambers. The public will get a chance to voice their opinions and ask questions about the deal.

Councilor Sanchez says Netflix’s goal is to finalize the purchase on Albuquerque Studios by October 23.

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