Friedman Recycling will use bond funding to build recycling facility in Albuquerque, N.M.
The Bernalillo County, N.M., County Commission has approved a $16 million industrial revenue bond (IRB). The money raised through the sale of the revenue bond will be used by Friedman Recycling of Albuquerque LLC, an affiliate of Phoenix-based Friedman Recycling to build a single-stream recycling facility in Albuquerque, N.M. The company hopes to start construction on the 70,000-square-foot facility in Albuquerque by June 2012 with the facility fully operational by the first quarter of 2013, says David Friedman with Friedman Recycling.
Equipment for the new MRF will come from Bulk Handling Systems (BHS). Friedman says the equipment should be able to process around 30 tons of recyclables an hour.
The decision to open a MRF follows the company’s being awarded a 12-year contract with the city of Albuquerque to process the city’s recyclables in November 2011.
The commission voted in April to consider the bond application. IRBs provide companies a number of tax breaks for the life of the bonds. The bonds are paid off by the companies.
The company will invest around $19.5 million to acquire land, construction and equipment for the facility. The company had requested as much as $16 million in IRB inducement with an abatement rate set at 70 percent.