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Wilmington & New Hanover Co. may pay half million in incentives to Live Oak Bank

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By
Julian.March@StarNewsOnline.com

WILMINGTON, NC (STARNEWSONLINE.COM) -- Wilmington and New Hanover County officials are considering ponying up $575,000 worth of incentives for Live Oak Bank.

The incentives, which will be considered by the governing boards in the coming weeks, would be tied to a $16 million investment in a headquarters facility and adding 120 new jobs in Wilmington.

Live Oak currently has 130 jobs here. At its Sept. 17 meeting, the Wilmington City Council is expected to hold a public hearing on paying $250,000 worth of incentives to Live Oak Bank.

The proposal is to grant Live Oak up to $50,000 per year for a total of five years. To be eligible for the incentives, Live Oak would have to invest $16 million in a headquarters facility and add 120 new jobs in Wilmington on top of its current 130 jobs.

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Teachers need incentive to

Teachers need incentive to stay in Wilmington, not these fat cat bankers.

Teachers need half a million

Teachers need half a million dollars in incentives from officials to stay in NHC. This bank has shady ties to TARP bailout and misuse of misappropriated TARP funds. How can taxpayers allow these revolving pocket shenanigans go on at the taxpayers' expense?

Not bad

Comes out to about $4800 per job created.
Far better than movie incentives as these 300+ folks will be paying taxes in NC and buying homes in NC.
$67M for 45 full time jobs in films is way too pricey

Verizon got $400 per job.
All incentives are bad and the price continues to go up

Vog