U.S. media services provider Netflix announced that it has chosen Albuquerque, New Mexico as the site of a new U.S. production hub.

Netflix is also in final negotiations to purchase production studio complex ABQ Studios, located in Albuquerque’s Mesa Del Sol.

Upon closing, the company plans to bring $1 billion in production to New Mexico over the next ten years and create up to 1000 production jobs a year.

The State of New Mexico will provide up to $10 million in Local Economic Development Act (LEDA) funding and the City of Albuquerque will commit up to $4.5 million in local LEDA funding to the project.