Print
More News

Governments Fund Economic Agencies

By Christina Haley O'Neal, posted Jul 13, 2018
The new fiscal year for government entities in the Cape Fear region began July 1, and with it, a new round of economic development funding from the city of Wilmington as well the local county governments.
 
New Hanover County’s $333 million budget, which has a 1.5-cent cut in the property tax rate, includes funding for local economic development organization Wilmington Business Development (WBD).
 
It received funding in the amount of nearly $200,000 from the county in its 2018-19 budget year, up slightly from nearly $197,000 in the county’s allocation a year earlier.
 
The organization, a private not-for-profit group that serves the city and New Hanover and Pender counties, also received $100,000 from the city of Wilmington – the same amount that was allocated last fiscal year. WBD received another $110,000 from Pender County for this fiscal year, according to its budget.
 
The nearly $410,000 in public funding is a portion of the more than $1 million annual budget for the group, which also raises money from private sources.
 
New Hanover County also carved out $25,000 in its budget for Wilmington Downtown Inc., a nonprofit economic development group that serves the city’s downtown. That group also received $86,000 from the city. Those figures were the same amount allocated from the county and city last fiscal year.
 
And the Wilmington Regional Film Commission, which promotes the area’s film industry, is receiving about $126,000 from New Hanover County, up some from the nearly $124,000 it got last fiscal year in county funds. From the city, the regional film commission was allocated another approximately $122,000, the same amount as in the city’s previous budget year.
 
The city of Wilmington’s $190 million budget includes a 1.5-cent property tax increase. As part of the city’s budget, an economic incentive funding in the amount of $46,000 was allocated for National Gypsum, a wallboard company that announced in May the reopening of its shuttered Wilmington plant, bringing 51 jobs and $25 million in capital improvements to the area.
 
The city’s portion of the funding is up to $230,000 over five years.
 
According to county officials, the company did not receive incentives in the county’s FY 2018-19 budget because an agreement with the company had not been finalized at the time of the budget. County officials said they anticipate that an incentive payment would likely be budgeted in the next fiscal year.
 
This would be the first installment in a five-year commitment from the county to pay at total of $350,000.
 
The total funding for outside economic development in New Hanover County’s budget is more than $1.4 million. It also included $20,000 for the North Carolina’s Southeast Regional Economic Development Partnership and more than $18,000 for the Southeastern Economic Development Commission. Those groups received $20,000 and $4,700, respectively, from Pender County.
 
New Hanover County created a new non-county agency funding policy for outside health and human service groups, economic and nonprofit agencies that took effect this fiscal year. Under the new policy, the broader definition for the economic development category opened opportunities for more community-based groups. Economic development groups this year included $16,000 in funding for Cucalorus and $10,000 for Friends of the Battleship North Carolina.
 
In Brunswick County’s more than $242 million budget, funding was included for the economic development organization Brunswick Business & Industry Development (Brunswick BID) in the amount of $425,000 for contract services.
 
The county agreed to pay initial funding for the organization in October. In its funding plan last year, the county agreed to allocate $362,500 over six months. The organization is establishing its new office location in Leland this month.
Ico insights

INSIGHTS

SPONSORS' CONTENT
Aaeaaqaaaaaaaaidaaaajdhiztrkodm0lte2yjetngrkmy1hotrmltawmdvlmwqyztmymw

Offshore America: Outsourcing While Onshoring

Diane Durance - UNCW Center for Innovation and Entrepreneurship
Burrus rob headshot 300x300

Full Speed Ahead: Before and After Hurricane Florence

Robert Burrus - Cameron School of Business - UNC-Wilmington
Yasminheadshotwithlogo

How Reading Works

Yasmin Tomkinson - Cape Fear Literacy Council

Trending News

CloudWyze Gets Its First Government Contract

Johanna Cano - Oct 18, 2018

TRU Colors Included In South By Southwest's Next Lineup

Vicky Janowski - Oct 19, 2018

Insurance Industry Sees A Flood Of Claims

Cece Nunn and Christina Haley O'Neal - Oct 19, 2018

Wilmington Area Home Sales Fell 48 To 63 Percent During Storm Month, Report Shows

Cece Nunn - Oct 19, 2018

Benefits Spring Up In Florence’s Wake

Staff Reports - Oct 19, 2018

In The Current Issue

Storm Updates Flew On Social Media

Robert McIntosh, owner of Coastal Cell Phone Repair in Wilmington, made a lot more “friends” than he expected during Hurricane Florence....


Insurance Industry Sees A Flood Of Claims

As Ian Archibald awaited the arrival of a State Farm Insurance adjuster at his Wilmington home on Oct. 9, his mind was also on a much more d...


Tourist Attractions On The Mend

As recovery efforts from Hurricane Florence continue, several area attractions remain damaged in her wake. Last month’s unwelcome visitor no...

Book On Business

The 2018 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2018 Power Breakfast - Dishing on the Restaurant Biz
2018 WilmingtonBiz Expo - Keynote Lunch with Eric Dinenberg, Rouse Properties
2017 Health Care Heroes