.......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ..........

ALBUQUERQUE, N.M. — City Councilors announced Sunday that they will consider a Netflix incentive package at a special meeting Thursday.

The proposed package would give the media services giant $4.5 million in Local Economic Development funds on top of $10 million from the State Economic Development Department as it negotiates the purchase of Albuquerque Studios.

The Albuquerque Development Commission voted last week to recommend councilors take immediate action to approve the incentive, and although the council meets tonight, councilors said moving the decision to Thursday will allow the public and the council additional time to look at the deal.

“Because of the magnitude of this project and the impact it’s going to have on our economy, we just felt a special meeting was necessary,’ said City Council President Ken Sanchez at a news conference Sunday.

Sanchez said he is optimistic that the package will pass, and the Thursday meeting fits within Netflix’s timeline for finalizing the purchase.

Under the proposal, Netflix would commit to spending $1 billion in New Mexico over the next 10 years.

ADVERTISEMENTSkip

................................................................

The company announced last week that it plans to transform Albuquerque Studios into a principal production hub. Details about the sale price have not been announced; however, officials said the deal would bring around 1,000 film and television production jobs a year.

Arts Editor Adrian Gomez contributed to this story.