Public hearing to remain open for economic incentives being considered by Wilmington City Council for four companies considering the Cape Fear region

WILMINGTON, N.C. (WECT) - Wilmington City Council opened public hearings to consider economic incentive grants totaling nearly $700,000 for four companies at its meeting Tuesday evening.

According to the City’s public information officer, notices posted for the original public hearing did not include some updated numbers, so the public hearing will remain open until the next meeting on March 1, which will be held at the Wilmington Convention Center. The new numbers will be reflected in the new agenda.

These economic development incentives would be dependent on the companies reaching certain requirements, including creating a certain number of new jobs.

According to an explanation by Mayor Pro Tem Margaret Haynes, if the incentives are approved, the jobs have to be established first and verified by the State Employment Commission before incentive funds would be released.

The four companies are unnamed in material prepared for city council and are referred to as Project Transit, Project Clear, Project Buckeye and Project Speed.

The reason they are not named was explained by City Manager Tony Caudle. He said it was because all four projects were pending state funding.

“Once authorized, the state reserves the right to make an announcement of the names,” said Caudle.

Project Transit is being considered for a grant of $40,000 annually for five years if it meets the goal of providing a minimum 300 new jobs with an average compensation of at least $62,000.

Project Clear is seeking a grant of $50,000 annually for five years and would be required to create a minimum of 485 new jobs with an average wage of at least $131,000 as well as investing a minimum of $85 million in “real and personal property in the region.”

Project Buckeye is being considered for a grant of $40,000 annually for five years if it meets the requirement of investing a minimum of $25 million in real and personal property in the city and hiring a minimum of 204 people at an average salary of at least $113,000.

Project Speed would get a $9,000 grant annually for five years if it invests a minimum of $16 million in real and personal property in the city and hires 75 or more people at an average salary of at least $64,000.

The New Hanover County Board of Commissioners is expected to consider incentive packages for these companies at its meeting Monday, Feb. 21; however, this may be continued pending the result of the City of Wilmington’s extended public hearing period.

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