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County approves $325,000 incentive for Live Oak Bank; city votes Tuesday

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WILMINGTON, NC (WWAY) -- New Hanover County Commissioners voted Monday to make a partnership payment of $325,000 over the next five years with Live Oak Bank.

The bank's expansion in Wilmington is expected to bring more than 100 jobs. The expansion should be done within the next two years.

Commissioner Brian Berger was the only one to vote against the incentive.

Wilmington City Council will vote tomorrow whether to contribute $250,000 to Live Oak over five years.

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A little perspective.....

How much do these incentives cost? Per NEW job created?
The ballpark? $54M for 125 full time jobs
$54M/125 = $432,000 per job......
Verizon?
$875,000/1200 = about $729 per job
Live Oak Bank? Between city/county incentives?
$575,000/120 jobs = $4,791
The movie industry?
$31M/55 jobs = $563,636 per job

That's right 55 jobs:
http://ftpcontent4.worldnow.c​ ​om/wect/PDFs%20for%20stories/​Film.PDF
"As shown in Table 3, the $30.3 million in film credits claimed in 2011 likely created between 55 and 70 jobs"

I dislike ALL incentives but at least give us the best bang for the buck.
And ALL those jobs mentioned above are "clean" jobs.
Give the $31M to the Governor to attract more company's here that will bring full time jobs to the area - but not at half a mil per job.

Vog

Teachers and public workers

Teachers and public workers with real work ethic wonder why their wages are so low. Because these overpaid bankers and their crony commissioner accomplices are pick pocketing local government money that should go towards anything but a private bank that profits exceedingly well on you and your pets getting sick and dying. If teachers are serious about "not one step back" chants at their Moral Monday protests, then they should strike until "officials" come up with the same amount of $ to put back into schools. It boggles my mind that this could happen and not a single lesson learned from financial crisis of 2008 caused by the very same hyper-capitalized/fat-cat/ove​r-stuffed greedy bankers like Chip Mahan of Live Oak, John Mack of Morgan Stanley and the rest of the banker 1% that live on Figure Eight and party up at Eagle Point Golf Club, which was also funded by you the taxpayer

Where there's Government

Where there's Government Bailouts in the shadows, there's.........>>>>>>

Ummmm

Where there's Government Bailouts in the shadows, there's.........>>>>>>

dots and arrows that point to the right.