The nonprofit Wilmington Business Development brought the proposed $3.3 million incentive package to county commissioners Monday on behalf of the Wilmington Trade Center, a project being built on Highway 421.
The organization requested a $3.3 million investment through 2031, with no more than $1.1 million to be used in any one year.
New Hanover County Chief Financial Officer Eric Credle gave a presentation on the plans for the 187-acre industrial park, which already has two completed buildings and one building in process.
“Today’s incentive agreement would provide the support for the developers to build out the infrastructure that’s necessary for the construction of the additional ten buildings in the back of the park, as well as support for the construction of those buildings," he said.
The fully completed project, with 13 industrial buildings totalling more than 3 million square feet, are projected to add $300 to $400 million to the tax base. That would add $1.6 to $2.1 million in annual tax revenue, alongside an expected 1500 jobs.
The Wilmington Trade Center will be one of the largest projects of its size in North Carolina. The first third of the investment from the county will focus on the infrastructure needs before 2026. That includes a road, utilities, a water tank, stormwater ponds, and a new traffic light on Highway 421.
With infrastructure in place, Credle said the site would be very attractive to investors.
Commissioners voted unanimously in favor of the incentive package, commending the growth and jobs the project will bring to the community.