{"MatterId":14760,"MatterGuid":"36A056C3-3D21-46AD-BCA6-0DB20B3CE331","MatterLastModifiedUtc":"2026-07-13T16:05:02.467","MatterRowVersion":"AAAAAADOkaM=","MatterFile":"O-26-19","MatterName":null,"MatterTitle":"Approving A Project Involving Mantis Space Inc. Pursuant To The Local Economic Development Act And City Ordinance F/S O-04-10, The City's Implementing Legislation For That Act, To Support The Leasing, Construction And Improvement Of A Facility To Support Advanced Optics Research And Development And Limited Scale Satellite Component Manufacturing For Development Of On-Demand Power In Space To Be Located In Albuquerque, New Mexico; Authorizing The Execution Of A Project Participation Agreement And Other Documents In Connection With The Project; Making Certain Determinations And Findings Relating To The Project Including The Appropriation Of Funds; Ratifying Certain Actions Taken Previously; And Repealing All Actions Inconsistent With This Ordinance (Grout, by request)","MatterTypeId":1,"MatterTypeName":"Ordinance","MatterStatusId":20,"MatterStatusName":"Enacted","MatterBodyId":1,"MatterBodyName":"City Council","MatterIntroDate":"2026-03-16T00:00:00","MatterAgendaDate":"2026-04-06T00:00:00","MatterPassedDate":"2026-04-06T00:00:00","MatterEnactmentDate":"2026-04-21T00:00:00","MatterEnactmentNumber":"0-2026-013","MatterRequester":null,"MatterNotes":null,"MatterVersion":"2","MatterCost":null,"MatterText1":null,"MatterText2":null,"MatterText3":null,"MatterText4":null,"MatterText5":null,"MatterDate1":"2026-05-01T00:00:00","MatterDate2":"2026-05-06T00:00:00","MatterEXText1":"CC 4/6/26 (mmm)\r\n\r\nBrief Summary: This ordinance approves a Local Economic Development Act project involving Mantis Space Inc. to support the leasing, construction, and improvement of a facility in Albuquerque focused on advanced optics research and development and limited-scale satellite component manufacturing. The project includes the addition of 186 employees and authorizes the City to enter into a Project Participation Agreement and related documents. The ordinance also appropriates up to $3,000,000 in public funds, consisting of $2,500,000 in State funds and $500,000 in City funds.\r\n\r\nAnalysis: Mantis Space Inc. has applied for economic development assistance under the Local Economic Development Act to support development of a facility in Albuquerque focused on advanced optics and satellite component manufacturing associated with on-demand power systems in space.\r\n\r\nThe project includes the leasing, construction, and improvement of a facility located within Albuquerque, with a commitment by the company to maintain and grow its workforce to 186 employees and operate the facility within the City for a minimum of ten years.\r\n\r\nThe ordinance authorizes the City to enter into a Project Participation Agreement that will govern the terms of the assistance, including performance requirements and security provisions. The agreement requires the company to provide a security instrument to secure its obligations, consistent with Local Economic Development Act requirements.\r\n\r\nA cost-benefit analysis prepared for the project indicates that the City is expected to recoup the value of its investment within ten years, supporting the required public purpose findings.\r\nThe Albuquerque Development Commission has reviewed the project and recommended approval, and the ordinance includes the required findings that the project provides a substantive community benefit and serves a valid public purpose.\r\n\r\nFiscal Impact: The ordinance authorizes up to $3,000,000 in total public assistance, consisting of:\r\n•\t$2,500,000 in State funds from the New Mexico Economic Development Department\r\n•\t$500,000 in City funds\r\n\r\nThe City will administer and disburse these funds in accordance with the Project Participation Agreement.\r\n\r\nKey Dates\r\n•\tProject approval: Upon adoption of the ordinance\r\n•\tTerm of operation commitment: Minimum of ten years\r\n•\tCost recovery horizon: Within ten years (per cost-benefit analysis)\r\n\r\nComments: The Project Participation Agreement includes job creation requirements tied to the addition of 186 employees and a ten-year operational commitment within Albuquerque, which form the basis of the project’s public benefit justification.\r\nAs required under the Local Economic Development Act, the agreement includes performance obligations secured by a security instrument, allowing the City to enforce compliance if the company fails to meet its commitments. Specific performance benchmarks and enforcement mechanisms are set forth in the Project Participation Agreement, which is presented in draft form and subject to final execution.\r\n\r\nThis Ordinance approves the project at a policy level, while the detailed performance requirements, enforcement provisions, and administrative terms are contained in the Project Participation Agreement.\r\n\r\nThe project is supported by a cost-benefit analysis indicating that the City’s investment is expected to be recouped within ten years, aligning with standard Local Economic Development Act evaluation criteria.","MatterEXText2":"Mark Motsko","MatterEXText3":null,"MatterEXText4":null,"MatterEXText5":null,"MatterEXText6":null,"MatterEXText7":null,"MatterEXText8":null,"MatterEXText9":null,"MatterEXText10":null,"MatterEXText11":null,"MatterEXDate1":null,"MatterEXDate2":null,"MatterEXDate3":null,"MatterEXDate4":null,"MatterEXDate5":null,"MatterEXDate6":null,"MatterEXDate7":null,"MatterEXDate8":null,"MatterEXDate9":null,"MatterEXDate10":null,"MatterAgiloftId":0,"MatterReference":"27","MatterRestrictViewViaWeb":false,"MatterReports":[]}