title
Resolution Authorizing an Economic Development Incentive Agreement for Project Pearl II in an Amount not to Exceed $2,000,000
body
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Department: |
City Manager |
Meeting Date: |
10/20/2026 |
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Contact Name: |
Dennis LaCaria |
Public Hearing: |
Yes |
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Contact Phone: |
910-765-0206 |
Advertising Date/Advertised By: |
October 9, 2026 |
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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 (total of $2,000,000), 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 the County, 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.
budget
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, and in subsequent City budgets for the duration of the incentive agreement ($400,000 annually; $2,000,000 total).
recommendation
RECOMMENDATION / ACTION REQUESTED:
Passage of the attached resolution is recommended.