Wilmington and New Hanover County Approve $5 Million Corning Incentive
New Hanover County and the City of Wilmington approved a combined $5 million incentive package to secure a $585 million facility expansion from Corning Inc.
The City of Wilmington and New Hanover County have approved a combined $5 million incentive package to encourage Corning Inc. to expand its optical fiber manufacturing facility in Wilmington, North Carolina. The Wilmington City Council voted unanimously on Tuesday to provide $2 million in incentives, consisting of $400,000 annual payments over five years. This followed a Monday vote by New Hanover County commissioners to provide up to $3 million, distributed as $600,000 annually for five years from the county's general fund.
Under the agreement, known as Project Pearl, Corning Inc. would make a $585 million capital investment and create 414 full-time jobs with an average annual wage of $85,080. Construction is expected to be completed by the end of 2028. The incentives are contingent upon the company meeting specific job creation and investment targets, with accountability clauses to reduce payouts if these goals are not met.
Local officials emphasized the project's return on investment. New Hanover County Chief Financial Officer Eric Credle predicted that increased property tax revenues would exceed the county's $3 million investment by the end of the fourth year. Corning Inc., headquartered in New York, is currently weighing the Wilmington site against several other potential locations for the expansion.
