USA, NM: Bernalillo County approves $5 mln in industrial revenue bonds for Rio Bravo Brewing Co.

Bernalillo County's Board of Commissioners approved $20 million in industrial revenue bonds during its Jan. 12 meeting for two business expansions— Los Poblanos and Rio Bravo Brewing Co., Albuquerque Business First reported.

Industrial revenue bonds, or IRBs, are tax incentives used by governments to encourage the development of new facilities and spur job growth. The dollar amount refers to how much a business will invest, not how much the government will actually spend on tax incentives.

The $20 million in IRBs is expected to create 55 new jobs between the two businesses.

Rio Bravo Brewing Co. will utilize $5 million in industrial revenue bonds to create a canning and bottling line at its brewery, 1912 2nd St. NW.

The industrial revenue bond through Bernalillo County is the first one awarded to a brewery.

It will also allow the company to purchase additional equipment, build a loading dock, buy distribution trucks and a 50,000-pound grain silo.

15 January, 2016