The Bernalillo County Commission this evening approved an innovative economic incentive to help Wise Recycling stay in New Mexico and add new jobs. This approval was for an industrial development project application on behalf of TW Investments for its tenant, Wise Recycling LLC, located at 2525 Broadway Blvd. S.E. in Albuquerque.
Wise Recycling, LLC will be able to remain in its current location and expand its business as a result of financial incentives offered by Bernalillo County. This business expansion includes a 50 percent increase in the company’s workforce -- an additional eight jobs -- and an estimated equipment purchase of $700,000. Without this approval, the business was considering leaving Bernalillo County. That relocation would have had a major negative impact on the local economy.
Wise Recycling currently employs 16 people at this location and the eight new jobs will have an average wage of $22 an hour, plus benefits. The company collects, sorts and processes a wide variety of metals throughout New Mexico.
“Bernalillo County is proud to once again lead the way with innovative ways to save and create jobs in Central New Mexico,” Commissioner Art De La Cruz says. “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.
Back to news list
“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.”