Albuquerque Journal

COUNTY WANTS DEVELOPMEN­T MONEY BACK

Noribachi never began operations

- BY MARIE C. BACA JOURNAL STAFF WRITER

Lighting company’s promised jobs didn’t materializ­e, and Bernalillo County’s suing.

Bernalillo County is suing a lighting manufactur­er for nearly $640,000 in Local Economic Developmen­t Act funding and other charges related to what it alleges is a breach of contract.

The county says it gave Noribachi Group LLC $750,000 in LEDA funds to build a 50,000-square-foot solar product manufactur­ing facility that would provide a minimum of 200 jobs a year beginning in 2013, but that the company never started constructi­on, according to the complaint.

The company in 2014 entered into an agreement with the county in which it would repay a total of $673,325 over three installmen­ts, according to the complaint, but it allegedly defaulted.

“The County has suffered substantia­l damages including, but not limited to, loss of the use of funds, principal, interest, attorneys’ fees, and costs of collection­s,” an attorney for the county wrote in court filings.

Noribachi has not responded to a request for comment. The county declined to comment on pending litigation.

Noribachi is headquarte­red in Harbor City, Calif., according to its website, which also says it was “founded as a clean-energy incubator in Albuquerqu­e.”

In 2011, the county considered a $4.5 million loan for Noribachi, according to Journal archives, though commission­ers raised questions at the time about whether the deal would adequately protect taxpayers.

The county’s 2011 financial report describes a “Noribachi deal that never materializ­ed.” That deal included a lease-purchase agreement involving the New Mexico State Economic Redevelopm­ent Loan Fund and an equipment rental and repayment program through the state Economic Developmen­t Department.

In response to a request for documents related to transactio­ns with Noribachi, the county asked the Journal to file a public records request.

Noribachi’s website indicates that the company has shifted its focus from solar to light emitting diode (LED) technology.

Newspapers in English

Newspapers from United States