FOR IMMEDIATE RELEASE
Contact: Sarah Wheeler | 505-382-3150
City and State Boost Bueno Foods Expansion with IRB, LEDA Investments
70-year-old homegrown business will add 25,000 sq.ft., 80-100 construction jobs, and 50 full time jobs
ALBUQUERQUE – A local economic development project that brings together the Keller administration, state government, and local economic development agencies to support Bueno Foods was introduced at Monday’s City Council meeting and is now moving forward. The Bueno Foods project includes Industrial Revenue Bonds (IRB) and Local Economic Development Act (LEDA) funds, and was fostered by the City’s Economic Development Department, Albuquerque Economic Development, and the New Mexico Economic Development Department.
The Bueno Foods IRB and LEDA projects will support business expansion, creating opportunities for residents through new job creation and construction jobs, as well as benefitting adjacent industries, such as lodging and dining.
“Whether you love red or green, Bueno Foods is a staple in Albuquerque with a footprint expanding beyond New Mexico,” said Albuquerque Mayor Tim Keller. “We’re helping this historic, family-owned local company grow and create jobs right here as they introduce our favorite foods to a national audience.”
Bueno Foods, one of the largest producers of New Mexican and Mexican foods in the southwest, plans to invest a proposed $10,000,000 IRB and $500,000 in LEDA funds in construction of a 25,000-square-foot freezer warehousemanufacturing facility. The LEDA grant funding would be provided by the State of New Mexico, with the City of Albuquerque acting as fiscal agent.
“We support strategic expansion and retention of businesses that complement Albuquerque’s existing strengths,” said Economic Development Director Synthia R. Jaramillo. “We’re working to build up businesses, and making these incentives available is part of how we will boost local businesses in recovery.”
The Bueno Foods expansion would allow the company to increase its frozen foods sales in new and expanded markets outside of New Mexico, creating 49 full-time equivalent jobs over a five-year period, and adding 80 to 100 construction jobs—80% of which are expected to be filled locally.
“Albuquerque Economic Development, Inc.’s existing business team has worked with Bueno Foods over the past several years in support of this expansion, demonstrating the strong impact that focusing on local business support can deliver,” said Danielle Casey, President and CEO of Albuquerque Economic Development.
IRBs are issued to support eligible economic development projects that meet established policies and plans. Recipient companies are responsible for funding the purchase of the bonds. City funds are not utilized to purchase or pay off the bonds, and no City credit is used to enhance the bonds.
LEDA allows public support of qualified economic development projects for existing expanding companies as well as newly recruited ones to foster, promote, and enhance local economic development efforts while continuing to protect against the unauthorized use of public money and other public resources.