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Commissioners approve tax grant to attract Dynastar Aerospace Machining to Caldwell County
Summary
The board approved a three‑year, performance‑based tax grant equal to 50% of county property taxes on increased improvements and equipment to support Dynastar Aerospace Machining’s planned $4.4 million investment and job creation in Caldwell County.
The Caldwell County Board of Commissioners unanimously approved Aug. 11 a performance‑based tax grant to support Dynastar Aerospace Machining’s planned expansion in the county.
Jesse Trivette of Caldwell County Economic Development presented the agreement — submitted under North Carolina General Statute 158‑7.1 — saying Dynastar intends to invest about $4.4 million in real estate, construction and equipment and to hire five full‑time employees in year one and roughly 30 to 40 positions over the next three to five years, with an average annual salary of about $65,000. Trivette said the Economic Development Advisory Committee recommended a grant equal to 50% of county property taxes paid on the increased net taxable value of real estate improvements and equipment, paid annually for three consecutive years.
Trivette emphasized the county’s financial exposure is limited: "This grant involves no upfront funds," he said, describing the arrangement as a reimbursement granted only after Dynastar performs. He also noted the funding for tax incentives will come from the county’s sales tax reinvestment fund.
SpaceX project representatives Jerry Suits and Robert Milton were introduced at the meeting; county staff said Dynastar has been vetted by the Economic Development Advisory Committee. The board opened a public hearing on the proposal; no members of the public signed up to speak. A commissioner moved to approve the agreement as presented; the motion passed unanimously.
The agreement allows Dynastar to select the tax year to begin the three‑year grant period but requires performance benchmarks and annual verification. No upfront county payments will be made; the grant is a reimbursement for county property taxes attributable to the company’s new improvements and equipment.
County staff and the board noted that other regulatory approvals and development requirements — such as building permits, NCDOT driveway permits and any needed utility or fire‑protection provisions — remain the company’s responsibility.
