The incentive package, known as Project Pearl, is aimed at spurring additional taxable property and well-paying jobs.
Scott Satterfield, CEO of Wilmington Business Development, said the proposed expansion would create 414 jobs with an average salary of more than $85,000 a year over the course of five years.
The company plans to invest $585 million in the project, and complete construction by the end of 2028.
Chief Financial Officer Eric Credle told the Board he believes the investment would be prudent, and shared a few highlights from a staff analysis.
Cumulative increased property tax from Corning's expansion, he predicted, would exceed the county’s total overall investment of $3 million by the end of the 4th year. With the exception of the first year, Credle said the agreement would be “cash flow positive” each year. By the end of the third year, that first-year deficit would be recouped.
Satterfield added that hiring local people for construction and support services was “a top priority” for the company.
Commissioners expressed enthusiasm for the prospect of an expanded Corning facility, noting that the company could choose to take its business elsewhere and that they hope the incentive would make the county more attractive to other investors as well.
Still, Satterfield advised commissioners to ensure that the company delivers.
“We are asking the county to consider a performance-based incentive grant, and I cannot emphasize enough performance-based," he said. "The company has to do what it says it's going to do. Their legal and our legal will make sure that their parameters are set up and they have to be met before any payment would be made to the company.”
Under the agreement with the county, Corning must hit job creation and investment targets to be eligible for the annual incentive payments of up to $600,000. The jobs must be full-time, located in the Wilmington area, and maintained through 2031.
The City of Wilmington will consider a companion incentive package at its regular council meeting on Tuesday; the city's proposal would provide a maximum of $2 million, up to $400,000 annually for five years.