{"MatterId":14906,"MatterGuid":"75CCD813-CAED-4449-8BF8-173D71D9535F","MatterLastModifiedUtc":"2026-07-07T19:45:42.987","MatterRowVersion":"AAAAAADOjuM=","MatterFile":"O-26-36","MatterName":null,"MatterTitle":"Approving A Project Involving Eden Pharmaceuticals, LLC 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 Expansion Of Eden Pharmaceuticals Compounding Pharmacy And Fulfillment Center 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 (Bassan, by request)","MatterTypeId":1,"MatterTypeName":"Ordinance","MatterStatusId":20,"MatterStatusName":"Enacted","MatterBodyId":1,"MatterBodyName":"City Council","MatterIntroDate":"2026-05-27T00:00:00","MatterAgendaDate":"2026-06-15T00:00:00","MatterPassedDate":"2026-06-15T00:00:00","MatterEnactmentDate":"2026-07-02T00:00:00","MatterEnactmentNumber":"O-2026-026","MatterRequester":null,"MatterNotes":null,"MatterVersion":"2","MatterCost":null,"MatterText1":null,"MatterText2":null,"MatterText3":null,"MatterText4":null,"MatterText5":null,"MatterDate1":"2026-07-17T00:00:00","MatterDate2":"2026-07-22T00:00:00","MatterEXText1":"CC 6/15/26 (mm/vh)\r\n\r\nBrief Summary: This ordinance approves a Local Economic Development Act (LEDA) project for Eden Pharmacy, LLC to expand its compounding pharmacy and fulfillment center operations in Albuquerque. The project consists of expanding and modernizing approximately 7,000 square feet of existing commercial space at 8300 Carmel Avenue NE to support sterile and non-sterile pharmaceutical compounding, fulfillment, packaging, shipping, storage, quality assurance, compliance, and pharmacy automation functions. \r\n\r\nThe ordinance authorizes the City to enter into a Project Participation Agreement (PPA) and provide up to $400,000 in LEDA assistance, consisting of $300,000 from the New Mexico Economic Development Department and $100,000 in City LEDA funds. \r\n\r\nThe company proposes approximately $2.7 million in capital investment and anticipates creating 56 new jobs with an average wage of approximately $69,197 annually. The Project Participation Agreement establishes cumulative employment targets of 45 jobs by December 31, 2027, 77 jobs by December 31, 2028, and 87 jobs by December 31, 2031.\r\n\r\nFiscal Impact: The ordinance approves:\r\n•\tUp to $300,000 in State LEDA funds. \r\nThe ordinance further appropriates\r\n•\tUp to $100,000 in City LEDA funds previously appropriated for economic \r\ndevelopment projects. \r\n\r\nThe total public assistance authorized under the ordinance is $400,000. \r\n\r\nJob Creation Requirements: The Project Participation Agreement requires Eden Pharmacy to create and maintain employment levels according to the following schedule:\r\n•\t45 cumulative jobs by December 31, 2027 (minimum threshold of 40 jobs). \r\n•\t77 cumulative jobs by December 31, 2028 (minimum threshold of 69 jobs). \r\n•\t87 cumulative jobs by December 31, 2031 (minimum threshold of 79 jobs). \r\nJobs must be full-time positions averaging at least 32 hours per week and offering the full range of employee benefits. \r\n\r\nClawback Provisions: The PPA contains both performance-based and closure-based clawback provisions.\r\n\r\nIf the company fails to maintain at least 90% of required employment levels by specified milestone dates, a proportional repayment of LEDA assistance may be required following a 180-day cure period. \r\n\r\nIf the company ceases operations before December 31, 2035, it may be required to repay up to 100% of public contributions received. The maximum clawback amount is capped at $400,000 plus applicable interest. \r\n\r\nThe company must also provide security acceptable to the City, including a surety bond, letter of credit, UCC financing statement, or other collateral. \r\n\r\nEffective Date: The ordinance becomes effective five days after publication following final passage and approval. \r\n\r\nComments: The proposed City contribution represents 25% of the total LEDA package, with the remaining 75% funded by the State. The project involves expansion of an existing Albuquerque company rather than business recruitment. According to the fiscal impact analysis prepared for the project, the City is projected to realize approximately $752,791 in net benefits over ten years, exceeding the City's $100,000 contribution and satisfying the LEDA requirement that public investment be recouped within ten years. \r\n\r\nThe project includes specific job creation requirements, reporting obligations, security requirements, performance clawbacks, and project closure clawbacks designed to protect public funds if employment targets are not achieved or operations cease before the required operating period.\r\n\r\nRelated Law:\r\n•\tLocal Economic Development Act, NMSA 1978, Sections 5-10-1 through 5-10-13. \r\n•\tCity of Albuquerque LEDA Ordinance F/S O-04-10.","MatterEXText2":"Mark Motsko/Victor Hall","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":[]}