County Commission approves $10M in IRBs for Sawmill Market

The Bernalillo County Commission has unanimously approved $10 million in industrial revenue bonds for a new shopping and dining market near Old Town.

Sawmill Bellamah Properties requested the IRBs help finance development of the Sawmill Market at Bellamah and 10th Street.

Commissioners also this week unanimously approved state Local Economic Development Agreement grants to two local companies totaling more than $900,000.

Indica Labs Inc., which provides software that aids image analysis for digital pathology, was granted $605,000 to support a building purchase and construction activities for a proposed 14,400-square-foot facility in Albuquerque. Once completed, it will accommodate more than 70 full-time employees. The company plans to add 58 new jobs over a five-year period.

Kevothermal, an international manufacturer of vacuum insulation panels, will receive a $305,000 grant for relocation to a larger facility that would increase space to 36,514 square feet. The company will spend about $4 million on the project for construction costs and new equipment. Plans call for creation of 20 new jobs over five years.

Clawbacks for both agreements include penalties if annual goals for job creation and retention are not met.

Sawmill Market developer Heritage Hotels and Resorts previously announced it would partner with the owners of the Grove Cafe & Market in building the project, envisioned as an artisan food market in a former lumber warehouse across from the Heritage’s Hotel Chaco.

The Sawmill Market is the next stage in the continuing redevelopment of the Sawmill District that Jim Long, founder and CEO of Heritage, has described as “new urbanism at its best.”

The new project is expected to create up to 162 new jobs, according to the county.

The developer would be responsible for repaying the bonds, but IRBs reduce borrowing costs and provide tax breaks.