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Tax Break Tracker Individual Entry

Each individual entry is a single program reported by a single jurisdiction in a given fiscal year. Because we want to track the level and quality of disclosure as well as the content, the values below -- with the exception of program names -- are entered exactly as they are reported. See our user guide for more explanations.

StateNew Mexico
Effected JurisdictionSandoval County
Jurisdiction type: County
Fiscal year ending In2019
Program nameIndustrial Revenue Bonds - Call, LLC
Program purpose: General Economic Development
Statutory authority: County Revenue Bond Act (Sections 4-62-1 through 4-62-10, NMSA 1978 as amended); the County Industrial Revenue Bond Act (Sections 4-59-1 through 4-59-16, NMSA 1978, as amended); the County Pollution Control Revenue Bond Act (Sections 4-60-1 through 4-60-15, NMSA 1978 as amended); Municipal Housing law (Sections 3-45-1 through 3-45-25, NMSA 1978, as amended); and the Home Rule County Validation Act (Sections 4-37-10 through 4-37-13, NMSA 1978, as amended.
Abating jurisdiction(s): Rio Rancho NM
Applicable taxesProperty Tax
Method of abatement: Tax Abatement
Provisions for recapture: Prior to December 31, 2014, Intel Corportation was obligated to pay "Contingent PILOT" payments if the entire principal amount of the bonds had been disbursed, or if at least $10,000,000,000 had been disbursed by December 31, 2014. The amount and scheduling of the payment was dependent on how much of the balance had been disbursed as of that date. The County and Intel Corporation signed a First Lease Amendment dated 6/2/2019, to the Lease Agreement, pursuant to County Oridinance 4-25-19.10 that provides for an extension of the time period for Intel to spend proceeds from the IRB until October 24, 2024. In exchange Intel shall pay the County an additional $1,000,000 in December of 2020 and 2021 and $500,000 in December of 2022 and 2023.
Gross revenue loss: $51,778
Reimbursement / offset: $0
Net revenue loss: $51,778
Type of loss: Active
Additional notes on dislosure(none)