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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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