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(Bloomberg) — Commissioners from Doña Ana County, New Mexico, approved a $165 billion industrial revenue bond package and a sweeping set of tax incentives tied to a sprawling AI data center project, moving forward with one of the largest economic development efforts in New Mexico history.
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The board voted 4-1 on Friday to back the deal on, which will allow BorderPlex Digital Assets, an Austin-based firm, and STACK Infrastructure, owned by Blue Owl Capital, to build four data centers and related energy facilities near the US-Mexican border.
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The industrial revenue bond package isn’t county debt, but a mechanism to confer tax breaks. The bonds won’t be sold to debt investors, instead they would be purchased by an affiliate or parent of BorderPlex, according to a county resolution. The projects will be self-funded, it noted.
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The $165 billion represents the total amount of investment in the project and was calculated by the developers in their bond application.
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Commissioner Susana Chaparro motioned to table the vote, saying it was impossible to read through the hundreds of pages of the proposal in the short time given to commissioners. Her motion failed, clearing the way for the resolution to advance. Hours of public comment followed, with some residents expressing concerns about water usage and the allocation of public funds to large companies.
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When the resolution passed several people shouted “sell outs” at the commissioners.
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In exchange for tax relief, the developers will make $300 million in payments-in-lieu-of-taxes, or PILOTs, over the life of the bonds. BorderPlex estimates the project will generate about 2,500 construction jobs and 750 permanent positions.
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Construction could begin by year-end.
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English (US)