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Resolution Authorizing an Economic Development Incentive Agreement for Project Pearl II in an Amount not to Exceed $2,000,000
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Department: City Manager Meeting Date: 10/20/2026 Contact Name: Dennis LaCaria Public Hearing: Yes Contact Phone: 910-765-0206 Advertising Date/Advertised By: October 9, 2026 Attachments: Attachment #1: Resolution; Attachment #2: Exhibit A - Project Pearl II Job Creation and Capital Investment Targets
PURPOSE:
The proposed resolution authorizes the City Manager to enter into a Business Development Investment, pursuant to N.C.G.S. § 158-7.1, for Project Pearl II, which will expand the operation of an existing business in the City of Wilmington.
BACKGROUND:
Project Pearl II proposes to expand existing business operations in the City of Wilmington. The proposal authorizes payments in the amount of $400,000 annually over the course of five (5) years and up to a total of $2,000,000. Any payments are contingent upon Project Pearl II meeting the goal of providing at least 414 new jobs to the community, at an average compensation of at least $85,080 each, and with an additional infrastructure investment of $585,000,000 in its Wilmington facility. The grant is competitively necessary to encourage the expansion of the business in the City.
A similar item was submitted to the New Hanover County Commissioners for consideration at their regularly scheduled meeting on Monday, October 19, 2026. The contribution from New Hanover County Government, however, is a maximum of $600,000 per year over a five-year period (total of $3,000,000).
Pursuant to N.C.G.S. §158-7.1, a public hearing is required prior to appropriation of funds.
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BUDGET IMPACT:
No budget impact is anticipated in the current fiscal year. If approved, funds to cover the incentive agreement would be added during the budget process in Spring 2027 for FY28 payment (based on reported data from calendar year 2027), and in subsequent City budgets for the...
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