New Hanover Commission approves $275,000 in incentives

NEW HANOVER COUNTY, NC (WWAY) — Tonight the New Hanover County Commission approved $275,000 in economic incentives for AAIPharma. The money will be used for the pharmaceutical company to expand their business in Wilmington.

In a 4 to 1 vote, commissioners decided to approve that incentive. The money will come from the county’s general fund, and be spread out over 5 years.

Those who supported the incentive believe New Hanover County needs to encourage businesses to come into the area, and see this as a perfect way to do just that.

Commission Chair, Jonathan Barfield, said that the county will see a positive return on investment by year 2. By year 10 there will be a 250% return on investment.

“In 2011 we had a strategic planning session with the county, the first in over 17 years, and we identified economic development as one of our core values. And understanding that many companies are looking for some type of an incentive to come to a community. And it’s really a rebate. They’re going to have to bring those 50 jobs here to our community, invest the 20 million dollars into the facility before they get anything from the county,’ said Barfield.

Commissioner Woody White was the only one opposed to the incentive. White said that he does like the idea of AAI bringing jobs to Wilmington, but he feels like incentives such as this are unfair to other business hoping to expand in the area.

Tomorrow the incentive will also be discussed and voted on at the Wilmington City Council meeting.