Albuquerque city councilors may consider some of their biggest financial decisions of the year when they meet Wednesday, a few days later than usual because of the Labor Day holiday. The meeting could include a massive industrial revenue bond for a nuclear fusion facility, along with votes on previously deferred housing initiatives.
Nuclear fusion development bonds
The council will likely introduce legislation to authorize up to $776.6 million in taxable industrial revenue bonds for the Pacific Fusion Project, $1 billion research and development headquarters at Mesa del Sol
Pacific Fusion Corporation plans to build its research and development headquarters in Albuquerque, creating 224 high-paying jobs with salaries from $115,000 to $215,000.
The California-based company selected Albuquerque as a finalist and plans a 225,000-square-foot facility to house its “Demonstration System,” using pulsed magnetic fusion technology. Construction could start in early 2026, with operations by mid-2027.
The bonds would be self-purchased by Pacific Fusion with no city taxpayer risk, while an 80% property tax abatement would last 20 years. According to a University of New Mexico fiscal analysis, the city could recoup nearly $29 million over the bond term despite the tax breaks.
More Gateway money
The council may vote on previously deferred Gateway Center expansion contracts worth millions, after Councilor Joaquín Baca pushed for more accountability from the troubled homelessness program. Contracts with Chicanos Por La Causa and Community Bridges were postponed from the Aug. 18 meeting.
Councilors will discuss a broadband working group report ending the fiber internet moratorium and an ABQ RIDE security update.
The meeting begins at 5 p.m. Wednesday, Sept. 3, in the Vincent E. Griego Council Chambers at City Hall, 1 Civic Plaza NW.
