Board OKs $2,000-per-job retention grant to keep Baker's Waste Equipment in Lenoir

The Caldwell County Board of Commissioners unanimously approved a local jobs retention grant on Feb. 23 to help keep Baker's Waste Equipment operating in Lenoir following its acquisition by Iron Crest.

Ashley Bolek, county economic development staff, said Iron Crest acquired the existing facility at 1808 Norwood Street SW and plans a more than $10 million investment to retool equipment and retain the existing workforce. Staff recommended a grant of $2,000 per retained job for up to 150 jobs, payable quarterly and contingent on the company maintaining at least 90% (135 jobs) during a one-year retention period; if fewer than 150 jobs are retained but at least 135 are retained, final payments will be reduced pro rata at $2,000 per retained job.

Kate Crowley, the site selector working on the project, described the county's cooperation as a factor in Iron Crest's decision to keep the Lenoir operation. Jason Stubas, identified as the facility's general manager, said he expects the new owners to invest in the workforce and local vendor relationships.

Bolek said the projected average annual wage for the positions is about $60,000 compared with Caldwell County's average wage of $51,338; the company plans to offer health insurance with the employer paying more than half the premium. The Economic Development Advisory Committee recommended approval, and funds are available in the sales tax reinvestment fund.

After no public speakers signed up, the board closed the hearing and voted to approve the grant.