Print
Government

For The City Of Wilmington, A $70M Yes Or No?

By Cece Nunn, posted Jun 6, 2023
The Local Government Commission approved the city of Wilmington's financing plan to buy the former PPD campus on North Front Street. (File photo)
It was the moment Wilmington officials had been waiting for – the state's Local Government Commission on Tuesday considering whether to approve a financing plan to buy the former PPD headquarters campus in downtown Wilmington.

City leaders had asked the LGC to give them the go-ahead to issue $70 million in limited obligation bonds to buy the former PPD headquarters campus at 929 N. Front St. 

In the end, the panel voted Tuesday afternoon in favor of the plan, but before the vote, State Treasurer Dale Folwell shared some concerns.

"I guess as I’m talking about this topic I'm still very uncomfortable with the price," said Folwell during the meeting, before being the sole LGC member to vote against the approval.

Folwell, who is running for governor, chairs the nine-member panel.

Wilmington's plan for the 12.5-acre property with a 12-story building is to consolidate its currently scattered offices in about half of the building. According to officials, the cost would be offset by selling the vacated city properties and leasing part of the 12 stories to other tenants.

"We will do everything in our power to make sure we get the maximum amount of return from the sale of those properties," City Manager Tony Caudle told the LGC on Tuesday. "It is crucial for us to be able to do that. Not that we need the money [to put] back into our fund, not that we need the money to be able to make the model work. But we believe that it's imperative that we get our top dollar for those pieces of property."

The city earlier this year entered into a purchase contract with Thermo Fisher Scientific, the global life sciences company that bought PPD and its property, and the agreement has a closing date of July 31.

Although the city's staff had proposed a tax increase to help pay for the campus, that idea was later scratched after council members questioned the need.
Ico insights

INSIGHTS

SPONSORS' CONTENT
Jordain 422430214

Turn Culture into Cash: The Secret to Higher Profits

Jordan Cain - APPROVE
Untitleddesign14

Efforts Underway to Address Healthcare Workforce Shortages

Jack Watson - University of North Carolina Wilmington, College of Health and Human Services
Bovio ernie ceo 240207 head 712412398

One to Grow On – A Look at My First Year at the Coast

Ernie Bovio - New Hanover Regional Medical Center Novant Health

Trending News

Bespoke Unveils Renovations, New Bar Concept

Katie Schmidt - Apr 18, 2025

FedUp Foods Marks Opening Of Wilmington Facility

Emma Dill - Apr 17, 2025

Developer Of Port City Marina Undergoes Rebranding, Plans Industrial Park

Cece Nunn - Apr 18, 2025

Patterson To Take Helm Of Business Advocacy Group BASE

Staff Reports - Apr 17, 2025

In The Current Issue

Area Attorneys Chosen For The 2025 Super Lawyers List

Super Lawyers is a rating service of lawyers across the nation. Peer nominations and evaluations along with third-party research are used to...


Law Firm, Others Tackle Trafficking

In recent years, a Wilmington law firm and others in the area have worked on hundreds of T visa cases for men, women and children who have b...


Food Pantry’s Growth Highlights Need

Most organizations would be thrilled to log year-over-year double-digit growth in demand. But for The Lord’s Food Pantry in Shallotte, that...

Book On Business

The 2024 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2024 Power Breakfast: The Next Season