Councilors from the city of Albuquerque in New Mexico announced that they are thinking about giving Netflix an incentive package.
The proposal is due to be discussed at a special conference on Thursday. Last week, the Albuquerque Development Commission voted to suggest the city councilors to expedite the approval of incentivizing the streaming service behemoth.
Extra time to ponder on the settlement is provided to the public and the city officials as their decision is expected by Thursday, even if a council meeting is scheduled today.
On top of $10 million from the State Economic Development Department, the proposed incentive package would furnish Netflix with $4.5 million in Local Economic Development funds.
This will transpire as final negotiations are underway with regards to the streaming magnate’s multimillion-dollar acquisition of the Albuquerque-based Studios.
Albuquerque city councilor Ken Sanchez noted that a special conference is essential because of the enormity of the initiative involving the major streaming service and one of the largest urban areas in New Mexico.
He said that the presence of the production facility of Netflix in Albuquerque would immensely impact the city’s economy.
Sanchez remarked that he thinks positively about the incentive package. He said that it would be passed.
The New Mexico local official also said that the meeting set on Thursday is just about right in the timeline of Netflix’s finalizing of its purchase.
The streaming service giant’s commitment of shelling out $1 billion in the state of New Mexico in the coming decades is outlined in the proposal.
Last week, Netflix made it known to the public that it is in its agenda to make the Albuquerque Studios as its main production center.
The property is composed of mill space, production spaces, several sound stages, and a back lot.
The acquisition agreement is expected to bring an estimated 1,000 film production and other movie-related jobs per year to the state.