ALBUQUERQUE, N.M. (AP) — The closure of Schott Solar's manufacturing plant on the edge of Albuquerque will end up costing New Mexico taxpayers nearly $16 million in grants.
The Albuquerque Journal reports the grants were approved by the state Legislature and awarded to the company in 2008 and 2009 through former Gov. Bill Richardson's Economic Development Department.
The contracts authorizing the grants have no clawback provisions, so current Economic Development Secretary Jon Barela says taxpayers will have to eat the bill.
Incentives provided by the city of Albuquerque and Bernalillo County were protected, and both entities will be able to recover some of their money.
Schott announced last week that it was closing its 200,000-square-foot factory due to foreign competition in the solar panel market. More than 200 employees were laid off.
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Information from: Albuquerque Journal, http://www.abqjournal.com
Copyright 2012 The Associated Press.