Posted at: 12/18/2012 8:38 AM
By: The Associated Press
ALBUQUERQUE, N.M. (AP) - Albuquerque is setting aside $5.5 million to market itself.
The Albuquerque Journal reports that City Council approved a proposal Monday to set up a new account that will provide money for marketing the city, keeping the businesses already here, supporting workforce training and chipping in to close a deal.
The money to establish the account comes from penalties paid by companies that received city incentives but didn't live up to their end of the contract.
The proposal sets up an economic development council that will recommend ways to spend the money.
The council will include the mayor or the mayor's designee, two city councilors and two members of the public appointed by the mayor.
The city's Economic Development Department will approve spending from the account.
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