The new Facebook data center in Los Lunas is beginning to take shape. The village is beginning to see an increase in gross receipts tax collections, largely due to the construction activity.
The village of Los Lunas is reporting a steady rise in gross receipts tax revenue, mainly from the construction of the Facebook Data Center.
In a quarterly report for the 2017-18 fiscal year through September, the village reported revenues of more than $5 million, nearly $2 million more than at the same point last year.
“We’ve been lucky,” said Los Lunas Mayor Charles Griego.
Greg Martin, the village administrator said the village has not yet identified how the increased revenue will be spent, but a workshop is slated for January.
“We have to manage, realizing that the funds we are receiving are finite; that’s not going to be reoccurring,” Griego said. “Our expenditures have to match that reality.”
Also, the village has an obligation by agreement to provide Facebook a percentage of the construction GRT. It’s a local LEDA grant of up to $1.6 million annually. Facebook will use that money for water rights and/or infrastructure for its data center, but those improvements also benefit the village.
More on this story at Valencia County News-Bulletin
By: Deborah Fox (Valencia County News-Bulletin)
Click here to view source article.
