Incentive package will allow the company to spend $700,000 on equipment purchase.
The Bernalillo County, N.M., Commission has approved an economic incentive to help the aluminum recycling firm Wise Recycling remain in New Mexico and add new jobs at its location in Albuquerque. The county department was able to assist the firm through the approval of an industrial development project application on behalf of TW Investments, which has Wise Recycling LLC as its tenant.
Through the incentive package Wise Recycling is looking at adding an additional eight jobs at the location, as well as invest around $700,000 on an equipment purchase. According to the county, without the approval of the incentive program the company was considering leaving the county.
“Bernalillo County is proud to once again lead the way with innovative ways to save and create jobs in Central New Mexico,” says Bernalillo Commissioner Art De La Cruz. “This commission has helped attract new companies to New Mexico, supported small businesses and looked for ways to help existing companies stabilize. The bottom line is we are focused on the economy and taking action.”
Bernalillo County is the first county in New Mexico to use an Industrial Development Project in this way.
“Our job is making business better in Bernalillo County,” says Mayling Armijo, director of Bernalillo County’s Economic Development Department. “We look at every possible aspect and angle available to businesses through county incentives and programs to find a solution to a challenge. Use of this particular application made the most sense for all three parties—the business, the property owner and the county. We’re pleased to provide this outside-of-the-box approach.”