WILMINGTON – On Monday morning, the New Hanover County Board of Commissioners approved up to $1.9 million in economic incentives that could go to as many as four unnamed companies that could choose to expand or locate in the county.
Port City Daily first reported the four economic incentive packages had been approved, reporting that should all four deals land in the region, the county could see more than 1,000 new jobs and $125 million in capital investments. An agenda for Monday’s meeting is available online after receiving approval last week.
According to the Port City Daily, the City of Wilmington could vote to approve an additional $695,000 in incentives during a March 1 scheduled meeting of the city council. The Triangle Business Journal reported last week on the four incentive packages appearing on the March 1 meeting agenda, as well.
Wilmington-based Vantaca, which recently disclosed in an SEC filing that it had raised $5 million in equity funding, announced in September it would invest some $5 million and would hire more than 100 workers in the region.
And Suzy, a technology startup backed by NBA superstar Kevin Durant, announced in October that it would open an office in Wilmington, with plans to hire about 40 workers for jobs with average wages of about $120,000.
Software firm bringing 100+ jobs paying $80,000 to Wilmington
The projects
The four projects are known as Project Clear, Project Transit, Project Speed, and Project Buckeye, according to New Hanover County documents.
Of the four, Project Speed is the only project that would be a new entity to locate in New Hanover County, according to the Port City Daily reporting, which quoted Scott Satterfield, CEO of Wilmington Business Development, describing the company as a large warehouse logistics provider seeking to drive volume through Wilmington’s port. The project would create at least 75 jobs and the company plans to invest at least $16 million, if the project site in the county was selected, according to a City of Wilmington document.
Project Buckeye is associated to a financial technology company, according to the Port City Daily reporting. According to a document from the City of Wilmington, the project could result in “204 new jobs to the community at an average wage of at least $113,000.”
Project Clear could create “at least 485 new jobs to the region at an average wage of at least $131,000 each,” according to a document from the City of Wilmington. The company could invest a minimum of $85 million in real and personal property, if the region wins the project, according to the document. as well as investing a minimum of $85 million in real and personal property in the region.
Project Transit is an expansion project that would “add 300 new jobs to the community at an average compensation of at least $62,000 each,” according to a City of Wilmington document.
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