Netflix is spending billions on production facilities in New Mexico, after the state rolled out the red carpet for film and TV studios with a menu of credits and incentives.
From Bloomberg:
To bring Netflix to town, the city and state offered substantial incentives: $10 million from state Local Economic Development Act (LEDA) funds, $4.5 million from the city in 2018, and an additional $17 million from the state and $7 million from the city in 2020, plus ongoing tax credits for filming that grows as the company accelerates production. By promising to stay in the city for at least a decade, Netflix becomes a New Mexico film partner and gets unlimited reimbursements for every shoot — up to 25-30% of the qualified costs.
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It took corporate tax incentives to lure Netflix to the Land of Enchantment.
The steaming platform is investing heavily in its Albuquerque production hub, located in a sprawling development on a desert plateau southeast of the city called Mesa Del Sol. In 2018, the company bought ABQ Studios, an existing production site, at a steep discount and promised to film a billion dollars’ worth of projects in New Mexico. The $30 million acquisition gave Mesa DelSol — a master-planned community designed by famed New Urbanist architect Peter Calthorpe that had fallen on hard times — a new lease on life.
