Intel and IRBs

Intel Corporation has made extensive use of industrial revenue bonds as its Rio Rancho facility grew from small to be, at one time, the company's largest single manufacturing site. IRB's, one of New Mexico's two most important economic development incentives, exempt users from paying property tax on investments made with the bond money. New employment typically is the main standard for getting a government entity to bless issuance of the bond. Note that the company borrows and owes the money, but the government blessing is required.
Intel won't be adding jobs in Rio Rancho. The recent layoff "affected" 1,150 people. But Intel, as is necessary in the semiconductor business, will be constantly investing large amounts of money in Rio Rancho. The company has some billions left on its most recent IRB. That will run out eventually.
So Intel New Mexico Government Affairs Manager Jami Grindatto posed a question at yesterday's Albuquerque Economic Development Investor's Luncheon. How about changing the economic development incentive criteria to allow IRB's for firms in Intel's situation: Investment required to maintain employment.