Wal-Mart Subsidies in Los Lunas, NM
|Address||670 Los Morros NW|
|Type of Facility||distribution center|
|Value of Subsidies||about $6.7 million|
NarrativeIn addition to spending $600,000 on infrastructure improvements, Los Lunas agreed to issue $50 million in 30-year industrial revenue bonds to finance construction of the distribution center. Wal-Mart is responsible for payments on the bonds, but the village is technically owner of the facility. This means that Wal-Mart does not have to pay property taxes. According to local officials, the taxes that would have been payable in 2004 were $204,464. Over 30 years, this amounts to a savings of about $6.1 million.