Clawbacks not an Issue for Intel

[karlos says] So, it looks like the lease on Intel's latest IRB doesn't have any clawbacks of any significance, as was reported at NMBW and on the SWOPblogger. We've combed the agreement and can't find any reference to clawbacks that reqire Intel to "maintain current workforce population."

(A shout out is in order for Andrew Webb of the Journal.)

So, gulp, I was wrong.

I know we pushed for clawbacks at SWOP, but, alas, we weren't on the commision. Maybe it was just wishful thinking (and reading).

The good news here is that layoffs at the Rio Rancho plant look to be minimal.

(Here's to hoping it's none at all!)

There is a "clawback" that requires Intel to hire 60% locally. Unfortunatly, the penalty is only $100,000 fine to be paid to local schools if Intel fails to meet the 60% mark with local hires.

Ultimately, it may be cheaper to just pay the fine than hire locally. And besides, they didn't promise any new jobs with the last round of tax breaks - only that they keep their current employment numbers.

They are required to report employment numbers to the county, and we'll be hawking those and reporting it out to folks.

There are Payments In Lieu of Taxes (PILOTS) that will kick in soon regardless of employment numbers. We'll get back to folks on those soon.

It's a great time to revisit this issue, so keep looking back for stories of Intel Inside New Mexico.

Intel
Layoffs
New Mexico