New Hanover County officials next week will weigh a $3 million economic incentive package for a confidential manufacturer known as Project Pearl 2.
New Hanover County and Wilmington officials will consider the proposed Project Pearl 2, a project officials say could bring hundreds of new jobs and one of the largest private investments in the county's recent history.
The proposal comes through Wilmington Business Development, which has worked with both New Hanover County and the city of Wilmington on the incentive package. Wilmington Business Development's proposal cites project benefits include new jobs, increased property tax revenues and broader economic activity. County documents state the project would substantially enhance the county's tax base
and provide positive economic impacts through employment and company spending.
According to the published county meeting agenda, Project Pearl 2 will expand manufacturing to New Hanover County through a project expected to generate 414 new full-time jobs paying an average annual salary of $85,080 and $585 million in capital investment over a five-year period.
County documents describe the agreement as performance-based. Incentive payments would be contingent on the company meeting investment and employment targets, and the grant could be reduced if Project Pearl 2 fails to maintain required benchmarks for jobs or capital investment.
The company is also projected to invest $585 million in property, facilities and equipment over a five-year period beginning as early as 2027.
While the company's identity has not been publicly disclosed, county leaders will be asked to determine whether the anticipated economic benefits justify a public investment of up to $3 million over the next five years.
The New Hanover County Board of Commissioners will hold a public hearing on Oct. 19 before considering an agreement that would provide Project Pearl 2 with up to $600,000 annually for five years, totaling as much as $3 million. The incentive would be funded through the county's general fund.
Following public comment, commissioners will consider a resolution authorizing the incentive agreement and direct county staff to finalize the contract if approved.
Wilmington officials are expected to consider a separate incentive agreement Tuesday, Oct. 20.
This article originally appeared on Wilmington StarNews: New Hanover considering cash incentives to bring in hundreds of jobs
